Minister Paschal Donohoe told the Dáil that €1 in every €8 collected by the State in tax comes from corporation tax payments of a very small number of firms.
The Department of Finance estimates that 'excess' corporation tax receipts - that is the amount which may be more vulnerable to a shock - could amount to €8-10 billion this year. He said 'excess' receipts will be treated differently in future. The Department of Finance will now employ a new metric – GGB star – to monitor the public finances while excluding any 'excess' receipts.
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