The prediction of a higher corporation tax take this year will be confirmed in the Stability Programme Update, which will be published on April 18th.
The full implementation of the deal on base erosion and profit shifting in corporation tax, spearheaded by the Organisation for Economic Co-operation and Development , will have a negative impact on Irish receipts, he said. Under Pillar One of the OECD’s landmark reform deal, agreed in 2021, taxing rights will be reallocated to market jurisdictions while under Pillar Two a new effective minimum corporate tax rate of 15 per cent will be applied to companies with annual turnover of at least €750 million.
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