Budget 2024

Corporation tax: Michael McGrath announces new €100 billion wealth fund on back of soaring revenues

The government will be legally required to lodge a sum equivalent to 0.8 per Ireland’s gross domestic product every year between 2024 and 2035

Michael McGrath, Minister for Finance, arriving to Government buildings today. Picture: Norma Burke.

Michael McGrath, the Minister for Finance, has unveiled an ambitious plan to create a €100 billion sovereign wealth fund from Ireland’s windfall corporation taxes.

There will also be a smaller infrastructure and climate fund worth €14 billion which will be used to support capital spending in the event of another recession.

McGrath is going to publish a bill later this week to make it mandatory for this government and all future governments to put aside ...