As reported yesterday, tax receipts for 2017 ended up slightly ahead of target. Corporation tax receipts made up 16% last year's tax take and grew by 11.6% year on year. Income tax and VAT were down on 2016 but this decrease was offset by the CT growth.
In light of the fact that the growth in corporation tax receipts was driven largely by about ten giant multinationals it would seem that the planned increases in current public expenditure are underwritten by a very small number of counterparties who could up and leave at any minute or suffer a downturn in performance. The projected CT take for 2017 was €7.65bn but the actual amount taken in ended up being €8.2bn. Growth figures are also skewed by these businesses, so are we back to the mid 2000's again and running our economy on foundations of sand?
In light of the fact that the growth in corporation tax receipts was driven largely by about ten giant multinationals it would seem that the planned increases in current public expenditure are underwritten by a very small number of counterparties who could up and leave at any minute or suffer a downturn in performance. The projected CT take for 2017 was €7.65bn but the actual amount taken in ended up being €8.2bn. Growth figures are also skewed by these businesses, so are we back to the mid 2000's again and running our economy on foundations of sand?