Oliver Mangan: Corporation tax boost when rate for large firms rises to 15% next year

The Department of Finance has warned over the past couple of years that much of the surge in corporation tax receipts could well prove temporary or windfall in nature.

The last three months have seen much lower than expected Irish corporation tax receipts, which fell by a third, or €2.3bn, on the corresponding three-month period last year. A big decline in receipts seems likely in November also, the most important month for payments.

Both the output and exports from the multinationals operating in the pharma and ICT sectors have fallen sharply this year and this is now being reflected in lower corporation tax receipts.