Minister for Finance Jack Chambers has acknowledged that a sharp fall in corporation tax followed strong returns up to this point last year. This indicates “ongoing strong consumer spending” according to Peter Vale, tax partner at accountants Grant Thornton. The Department of Finance noted that “July is not a key month for corporation tax”. Mr Vale warned that corporation tax was vulnerable to a US recession or broader economic downturn, particularly as the Republic relies heavily on a small number of multinationals for much of it. Mr Chambers acknowledged that a sharp fall in corporation tax followed strong returns up to this point last year.

Source: The Irish Times August 07, 2024 11:11 UTC