Oireachtas Joint and Select Committees
Thursday, 30 May 2019
Public Accounts Committee
2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2017
Chapter 22 - Irish Fiscal Advisory Council
I would like to touch on the concerns that were highlighted by the Irish Fiscal Advisory Council regarding expenditure in the State at present. It has been suggested that we are reliant on the significant revenues from corporation tax, which have been increasing over recent years. It seems that we are particularly reliant on the moneys generated by the top ten corporates. I note that the chairperson of the Revenue Commissioners stated in an article that a number of companies move in and out of the top ten contributors to our corporate tax take. He argued that this provides some level of security. I would like to refer to the overruns in the Department of Health, our exposure to Brexit, our current expenditure path and our current growth rate. Mr. Moran used a dangerous term in his opening statement when he said that "economic fundamentals are strong". Many people have perished on that previously.