Just three firms now pay 46pc of all corporation tax

"New research by the Irish Fiscal Advisory Council has found even more concentration in the most important tax category, with the top three paying 46pc of the total in 2024, about €13bn. The council does not identify the multinationals involved, but they are likely to be Apple, Microsoft and Eli Lilly, maker of weight loss and diabetes drugs Mounjaro and Zepbound. Previous research found that the top three paid about one-third of all corporation tax revenue between 2017 and 2021, but Ireland has now become even more reliant on the few."

"Two tech companies have remained in the top three every year since 2017. However, one of the previous top three, a pharma group, has seen its profits fall sharply in recent years. As a result, it appears to have paid less corporation tax in Ireland. It was likely replaced in 2023 by another US-owned pharma group. The pharma group that has dropped out is likely to be Pfizer, which exported a huge amount of Covid-19 vaccines in 2021 and 2022."

"The amount of corporation tax paid into the Exchequer almost doubled between 2021 and 2024, driven by the top payers. The two top tech companies are estimated to have paid almost €11bn between them, nearly 40pc of the total. While this concentration is risky, both Apple and Microsoft are continuing to perform strongly, with each reporting double-digit global revenue growth last year and there is continuing strong demand for their products."

New research by the Irish Fiscal Advisory Council finds that the top three corporate taxpayers paid 46% (€13bn) of Ireland's corporation tax in 2024, up from roughly one-third between 2017 and 2021. The likely top payers are Apple, Microsoft and Eli Lilly, with the two tech firms contributing nearly €11bn together, about 40% of total receipts. One previous top payer, likely Pfizer, saw profits and tax contributions fall after high Covid-19 vaccine exports. Ireland has become a key manufacturing base for active ingredients in weight-loss and diabetes drugs, driving related tax activity.

Read at Irish Independent