Coalition warned not to use 'excess' revenues for tax cuts

Irish Fiscal Advisory Council urges Government to put 'excess' corporate tax receipts into a reserve fund

The 'Irish Examiner' has already reported that 10 firms contribute 57% of Irish corporation tax revenues — but IFAC now says three corporate groups account for one third of all such revenues. File picture: Laura Hutton/RollingNews

The Irish Fiscal Advisory Council (IFAC) is urging the Government not to fund permanent tax cuts or spending from “excess” corporate tax receipts, and instead put the billions of euro into the proposed reserve fund.

The Department of Finance has previously warned that Ireland's corporation tax take is over-reliant on a handful of multinational companies. The top 10 companies in Ireland contribute some 60% of all corporation tax.