Oireachtas Joint and Select Committees
Thursday, 3 December 2015
Public Accounts Committee
2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
10:00 am
Mr. John McCarthy:
The revenue from the construction sector clearly was windfall revenue. I do not accept that revenue from these corporations is windfall and that is backed up by what the Revenue Commissioners are saying. If the Deputy looks at it over time, the average corporation tax as a percentage of overall receipts, and I believe the Secretary General referred to this earlier, is approximately 14% or 15%. We are not that far from the historical average. I have figures here somewhere going back to 1995. Consequently, just because the 15% coincides with the 15% in construction is coincidental.
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