Wednesday, December 1, 2021

Windfall tax on multinationals’ ‘excess profits’ could net exchequer €4bn, report says

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A windfall tax on “excess profits” generated by multinationals during the pandemic could net the Irish exchequer up to €4 billion depending on the rate, according to a report commissioned by The Left group in the European Parliament.

The study estimated the potential tax revenue gains for EU member states from a tax on the excess profits,which it defined as profits over and above the trend-adjusted average during the preceding 2014-2019 period.

It calculated that multinational corporations with subsidiaries in Europe made excess profits of €364 billion in 2020, which accounted for 41.7 per cent of their total profits that year.

Multinational subsidiaries in Germany and France generated the largest amount, equivalent to €10 billion for each country, while Irish-based multinationals generated the third largest amount, €4.9 billion.

The report estimated that Ireland could raise €600 million by imposing a once-off excess profits tax of 10 per cent on these earnings; €1.8 billion from a 30 per cent tax; €3 billion from a 50 per cent tax; and €4.3 billion from a 70 per cent tax.

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