Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

The big question is if there is actually going to be an effective rate of 15%. That itself is still a very low rate compared with what ordinary workers pay. I would argue that previously, the 12.5% was not effective. In 2021, there were €250 billion of pre-tax profits on which €15 billion was paid in corporation tax. That is a rate of 6.1% and it is due to the taxable income being dramatically reduced by allowances and deductions. Revenue states that in 2021 there were corporate tax expenditures - tax breaks for the corporate sector - of €39 billion, mostly for a tiny number of corporations. Are we actually going to get a 15% effective rate or are we going to continue with loopholes, deductions, allowances, credits and so on that allow these incredibly profitable corporations to pay a fraction of the headline tax rate?

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