Cost of international tax reform changes to increase

Speaking on Morning Ireland, the Minister said that up to now the assessment had been that it would be a net cost of about €2 billion, but he said today that the estimate of the potential downside of the combined effect of the two pillars has increased.

"It underlines many of the messages that I, as minister and the Government have been highlighting in relation to corporation tax and in recent months and indeed over the past number of years, the high level of corporation tax receipts that we are collecting is a reflection of the strength of the foreign direct investment sector in Ireland," he stated.

"We have known from Revenue publications, for example, that the top 10 companies contribute almost 60% of all the corporation tax paid, and then the next number of weeks the Revenue will provide further update in relation to the evolving concentration risk," he said. "Whether it be the top three or the top two or the top ten, the overall message is clear - there is a concentration risk. We are dependent on a relatively small number of very large companies who are paying a large proportion of the corporation tax that we are collecting," he cautioned."There is a level of risk associated with those receipts.

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