Oireachtas Joint and Select Committees
Thursday, 17 November 2022
Public Accounts Committee
2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
9:30 am
Mr. John McCarthy:
I am happy to do so. We are looking at a strong increase this year. Last year, overall corporate tax receipts were of the order of €15 billion. We will probably take in €21 billion or €22 billion this year. I am not at all worried about this year. I am more worried about later years, especially if there is a shock to the ICT sector.
The Deputy was right in his opening remarks about the kind of co-movement or correlation between income tax and corporate tax. Many high-income jobs are in the ICT sector, the pharma sector etc. There is a double risk, so to speak.