Ireland's revised growth figures adds €280m to country's EU contribution

Ireland's revised growth figures adds €280m to country's EU contribution

Ireland is facing an unexpected bill of around €280m for EU membership as a result of our booming economy.

It has been confirmed that the massive revision to growth figures, published last week, will increase our contribution to the EU budget.

In reply to Dáil questions, Michael Noonan confirmed that the Central Statistics Office's figure of 26% economic growth will now increase our cost of membership.

The growth figures are inflated by aircraft purchases, corporate restructuring, and companies moving assets, particularly patents, to Ireland from other territories.

Assets have come into Ireland through so-called capital inversion deals, and one aircraft leasing company redomicilled its multibillion euro balance sheet.

It means the State will have to pay around €280m more into the EU's central funds this year.


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