Corporate tax revenue drops to 1999 levels

The amount of corporate tax revenue generated last year dropped to levels not recorded since 1999, preliminary figures show.

According to Michael Noonan, the finance minister, the amount raised through corporate tax last year totalled €3.5bn — 10.2% of total tax revenues of €34.2bn.

The amount has not been as low since 1999 when €3.4bn was raised when the corporate tax rate was 28%.