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Ireland Urged To 'Ringfence' High Corporate Tax Revenues

by Jason Gorringe, Tax-News.com, London

14 December 2015


Business association Ibec has said that the Irish Government should ringfence higher-than-expected corporate tax revenues.

Ibec made the recommendation in its quarterly assessment of the economy. It revised upwards its gross domestic product annual growth forecast to 7.1 percent for 2015, attributing this to stronger-than-expected consumer activity.

However, Ibec warned that many of the factors driving this high growth rate are temporary. It said that annual growth of three to four percent over the medium term is likely if the Government makes the right economic choices.

In particular, Ibec argued that surging corporation tax revenue should be ringfenced for productive investment projects in the coming years. According to the association, the additional revenue should not be used to increase current government spending levels.

The latest Exchequer Statement showed that there was a 52 percent year-on-year increase in corporation tax in the first 11 months of 2015. Finance Minister Michael Noonan said he had been assured by the Revenue Commissioners that this over-performance "is primarily related to improved trading conditions and is broad based."

TAGS: tax | investment | Ireland | corporation tax | ministry of finance | revenue statistics | trade association | trade

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