Ireland expects to collect more than €11bn euros from corporate tax receipts in 2019, outperforming budget projections of €9.5bn, Finance Minister Paschal Donohoe said on Wednesday.
Corporate tax receipts have doubled since 2012 reaching a peak of €10.4bn in 2018, once again surpassed this year by 10,6%.
Approximately 20% of Irish tax revenue is dependent on a cluster of multinational firms, which increases in number, in part bolstered by Brexit.
That is a double-edged sword, as the OECD and EU member states are stepping up efforts to tax digital behemoths revenue at the country where internet users are based, undermining the Irish model of low-corporate tax.
Most US multinationals have a tax base in Ireland, frequently combined with a company in the Netherlands where assets linked intellectually property rights are tax-exempt. However, the ability of firms to book profits in Ireland and park trademarks and patents in the Netherlands has led to a drive among developed economies to harmonise and regulate taxation rules.
Donohoe expects corporate tax revenue to continue to surge before new rules currently under consideration by the OECD and EU member states take effect.