Surging corporation tax receipts look set to deliver the financial firepower to offset a hard Brexit as Minister for Finance Paschal Donohoe readies his 2020 budget, according to new data. Surging corporation tax receipts look set to deliver the financial firepower to offset a hard Brexit as Minister for Finance Paschal Donohoe readies his 2020 budget, according to new data. The government had cut its forecast for corporation tax receipts for this year after it pulled in a record €10.4bn in 2018 and it expected that number to fall to €9.98bn, a target that now looks likely to be exceeded. If a hard Brexit is avoided, ESRI expects the government to run a budget surplus equivalent to 0.4pc of gross domestic product, but in the case of a hard Brexit, the deficit could be as much as 1.5pc of GDP. Changes to the international tax environment look set to reduce the appeal of Ireland as a base for large companies and could hit government revenues.

Source: Irish Independent October 02, 2019 16:30 UTC