Oireachtas Joint and Select Committees

Tuesday, 16 June 2020

Special Committee on Covid-19 Response

Covid-19: Impact on the Fiscal Position

Photo of Mairéad FarrellMairéad Farrell (Galway West, Sinn Fein) | Oireachtas source

It would be very worrying for those working in those sectors if there was a shift towards automation and if it took several years for other jobs to be created.

Corporation tax was mentioned earlier. Receipts were buoyant in the first quarter and once again outperformed forecasts, as has been the trend in recent years. There is concern about the potential threats to corporation tax in future, but the buoyancy in the first quarter was largely driven by the activities of a small number of multinational enterprises. IFAC has noted that about 50% of 2018's corporate tax receipts was accounted for by just ten companies. How significant a risk to revenue is posed by this strategy of putting all eggs in one basket?

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