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EU Warns Of Irish Tax Revenue Volatility

by Jason Gorringe, Tax-News.com, London

04 December 2017


There remain risks of volatility in some of Ireland's key revenue streams, according to a report by the European Commission and the European Central Bank (ECB).

The Commission and the ECB have completed their latest post-bailout assessment of the Irish economy.

In a statement, the Commission and ECB noted that Ireland has seen robust output growth and that public finances have further improved. However, they observed that "risks of volatility in some forms of tax revenue, such as corporate income tax, remain."

The statement argued that there is a "strong case" for broadening the tax base.

Irish tax revenues have been sluggish this year. It was only in October that cumulative revenues finally came into line with the Government's target. Prior to that, the closest revenues had cumulatively got to target was 0.5 percent, in June.

After a run of shortfalls against target, corporate tax receipts began to improve over the summer. Receipts for the first ten months of 2017 were up 4.1 percent on target.

The ECB and the Commission also stated that although "strong momentum in the Irish economy is expected to continue in the short term," risks "remain tilted to the downside." In particular, the outcome of Brexit negotiations and potential changes to the international tax environment could impact on the Irish economy.

TAGS: environment | tax | European Commission | Ireland | corporation tax | revenue statistics | Europe | BEPS

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