One-third of corporation tax from US multinationals

IN the past 10 years, US multinationals have been a major source of tax revenue for the Exchequer, responsible for roughly one-third of the annual corporation tax take in each year.

A recent analysis by Keith Walsh, an economist with the Revenue Commissioners, found in 2009, US companies based here paid €1.7 billion in corporation tax and “have consistently contributed over one third of all CT revenue in Ireland.”

VAT and Excise duties added another €1.8bn that year, he said. On top of that the income tax revenue by the 100,000 employed by US companies came to another €698 million.