IFAC: Tax windfalls offer opportunity to deal with future pension costs

Multi-billion euro windfalls from excess corporation tax offer Ireland a “huge opportunity” to deal with surging pension costs for future generations, a fiscal watchdog has said.

The Irish Fiscal Advisory Council has highlighted the potential benefits of diverting the tax income generated by major multinationals into a long-term investment vehicle. Appearing before an Oireachtas committee, council members also reiterated a warning against using the windfalls to fund permanent tax and spending commitments in the present day, cautioning that such a move risked overheating the economy, echoing concerns flagged by the Central Bank yesterday.

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