A long-standing part of the Republic of Ireland's economic strategy has been to attract tax-sensitive foreign investment, writes JP_Biz
BBC News NI economics and business editor
He was in the happy position of being able to predict a budget surplus of €10bn this year or 3.5% of national income.That is not expected to be a one-off; the annual surplus is forecast to be more than €20bn by 2026.Ireland's economy has recovered strongly from the Covid-19 pandemic so more taxes like VAT are being collected.
Of that €22.6bn Mr McGrath has designated about €12bn as a "windfall" from multinationals, meaning it has been derived from a particular set of circumstances that won't last forever. Ironically this was partially a response to the pressure on big companies to clean up their act on tax. What came next was the legal relocation of intellectual property assets to Ireland - the most valuable profit-earning parts of these businesses.responsible for a wild swing in the country's GDP that yearFinance journalist Thomas Hubert has analysed company filings to work out how much tax Apple has paid in Ireland since that IP move.he estimated that the company paid Irish corporation tax "in the high €3bn to €4bn bracket" in 2022 alone.
"The discussion at the moment is all around the notion that we have to be really careful not to start making long term day-to-day spending commitments based on this revenue."
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