Economy

Michael McGrath cites risk to economy as corporate tax ‘levels off’

Minister for finance says there ‘vulnerabilities in Ireland’s public finances’

Michael McGrath: “If windfall receipts are excluded, there is an underlying deficit in the public finances.” Picture: Fergal Phillips

The minister of finance has warned the state’s economy is at risk as windfall tax looks to be “levelling off”.

Speaking to the Committee on Budgetary Oversight on Wednesday evening, Michael McGrath said there were “vulnerabilities in our public finances”. He highlighted that just under half of the entire corporation tax this year was ‘windfall’.

“In other words, these receipts are not linked to our domestic economy and could potentially be transient,” he said. “If ...