• Farrell & Farrell

ROI Annual Taxation Report 2021

The Irish Minister for Finance, Paschal Donohoe TD, yesterday published the Annual Taxation Report 2021 looking back at the developments in tax receipts over the last year and in particular how the Covid-19 pandemic impacted on key revenue streams.

This is the Department’s fourth Annual Taxation Report and it aims to provide a long-term, strategic perspective on the evolution in tax receipts since the financial crisis.

In relation to Corporation tax the Minister has said “I have previously highlighted the role of corporation taxes in overall revenue developments, and documented that international rule changes could have an adverse impact on receipts. The pandemic confirms that international changes are very likely and we must prepare for this; medium-term fiscal planning will continue to be based on the assumption of declining corporate tax receipts in the years to come. As the proportion of our tax base generated by corporation tax declines, the burden of meeting the cost of our public services will increasingly fall on other revenue streams.”

Further information can be found on https://www.gov.ie/en/publication/1dc69-annual-taxation-report-august-2021/

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