Warning over foreign multinationals paying 80pc of corporate tax - Independent.ie PUBLISHED - 22/02/2017
I would imagine a substantial amount of indiginous small business, apparently backbone of the country, would pay little or no Corporation Tax because their is nothing left / no profit left to charge CT on after everything else is paid? (I am genuinely in this boat )About 80pc of corporation tax paid in Ireland is from foreign multinationals, leaving the State exposed to shocks, the Department of Finance has said.
A handful of companies pay most of the tax.
"Irish corporation tax receipts are highly concentrated, with 0.2pc of corporation tax cases contributing 65.3pc in net receipts," the Department said, in a document accompanying the consultation note.
What does this tell us? If most CT is paid by Foreign Multinationals does it mean that most indiginous Irish SMEs are actually struggling, just about staying above water? OR are many/most actually "fiddling" the books some way to show no profit, which will probably be an accusation made by some here?
My reply is successive Irish Governments have concentrated on FDI but only and always paid lip service to local indiginous small to medium business. Not great support ..
To the broader Q - it would seem we are off again with eggs in one basket. One trick pony. Dependence on this "12.5%" corporation tax which now is under attack from EU, UK Brexit and Trump ( US may drop to 15% soon )
Thoughts PIE'ers ...