Ireland to Cash In on Good Times With $99 Billion Rainy Day Fund

While Ireland's economy appears to be soaring, its government plans to save for harder times

into which up to €90 billion of unreliable “windfall” corporate taxes and budget surpluses will be transferred by 2030 to help pay for such eventualities as the costs related to an aging population or the dual climate and digital transitions.The Philippines Just Passed a Bill to Create a Sovereign Wealth Fund. Here’s Why It’s Controversial

Ireland has for years enjoyed healthy corporation tax receipts from the slew of large multinational firms based in Dublin partly to take advantage of its 12.5% headline rate. Corporate tax receipts have doubled since just before the pandemic. Of the corporate taxes Ireland could collect this year, half would come from potentially unsustainable windfall receipts, government estimates show.

While that shows the somewhat precarious nature of Ireland’s growth, it’s concerns about volatile corporate tax receipts that make McGrath wary. For instance, without the windfall receipts, the public finances would be €1.8 billion in deficit this year rather than in surplus to the tune of €10 billion, according to government estimates.

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