Davitt expresses concerns about impact of upcoming corporation tax changes

Senator Aidan Davitt has expressed concerns about the impact that the upcoming changes in Ireland's corporation tax will have.

Speaking at the Joint Committee on Finance, Senator Davitt expressed a number of concerns regarding corporation tax to revenue officials.

"Revenue has not yet run the figures on the potential effect of a change in our corporation tax, which is coming through pillar one and pillar two. The starting point will be 15 per cent and it may be higher than that. I am curious as to what would happen if EU members were to advocate for a minimum corporation tax of higher than 15% in the future.

"I am sure Revenue has figures built in to assess the change as we move from 12.5% to 15%, what that will look like and its likely effect. Many of these companies are going to pay at source, I know it is a variable that is hard to guesstimate.

"However, I believe Revenue should be preparing for potential changes and might look into a crystal ball and tell us where they think this is going to go. As the figures show, the amount of corporation tax we are getting is staggering. Our country is going to be a very different place when, because of the change in pillar one, some of that money is not going to come to us.

"Revenue should be proactive in this regard and give the public and public officials some information on potential situations that may arise from this," added Senator Davitt.