IrelandMultinational companies in Ireland contributed an additional €1 billion in corporation tax in July 2024 due to the implementation of a new minimum 15% tax rate for large firms, as agreed under the OECD's international tax reforms. This increase helped stabilize public finances ahead of the budget. The Department of Finance reported that corporation tax revenue reached €1.3 billion in July, up slightly from the previous year. The new tax rate is expected to generate an additional €5 billion in revenue over time. Overall, corporation tax for the seven months ending July totaled €15 billion, representing a 4.7% increase compared to the same period in 2023. Total tax revenues across all categories rose by €3.4 billion (6%) in the seven-month period, excluding one-time gains from the Apple tax case. Income tax and VAT collections also increased, reflecting strong economic performance and low unemployment rates.
Bias read (Center): The article presents factual economic data regarding tax revenues and government financial planning without overtly favoring any political ideology. It reports on the impact of the new tax rate on public finances and includes quotes from the Minister for Finance discussing fiscal policy and upcoming
