Dublin at night
The Irish economy expanded by a stunning 26.3% in 2015, compared to an expected rate of 7.8%.
Foreign companies that switched their base to Ireland were included in the value of its corporate sector, pushing up the value of the state’s balance sheet.
There are about 970 US companies in Ireland, employing around 210,000 people.
Total employment was 2.78 million in December 2024.
These companies also contribute significantly to the Irish economy, spending over €41bn annually.
This month Apple announced that it planned to manufacture all the iPhones for the US market in India.
According to the International Data Corporation, the US accounted for about 28% of Apple’s 232.1mn global iPhone shipments in 2024.
In 2023 (published in mid-2024) the Irish Enterprise agency reported that €34.60 billion (Euros), in indigenous exports. There were no net data.
What is Ireland's exposure to the US economy and Trump's plans?
In 2023, Ireland's corporation tax receipts were highly concentrated, with three firms estimated to account for 38% of total receipts. These firms were Alphabet (Google), Apple, and Microsoft.
DUBLIN, April 30 2025 (Reuters) - Foreign multinationals paid a record 88% of all Irish corporate tax last year, with the largest 10 firms accounting for 57% of surging receipts, according to data on Wednesday that highlighted the country's vulnerability to U.S. policy changes.
A jump in corporate tax revenue from €4.6 billion ($5.24 billion) in 2014 to €28 billion last year, or 29% of all tax collected - even before an extra 11 billion euros of back taxes from Apple (AAPL.O), opens new tab is included - has transformed Ireland's public finances into the healthiest in Europe.
They are highly concentrated, with just three firms estimated to account for 38% of receipts in 2023.
Dublin expects a record budget surplus in 2024 thanks to a cash deluge from tech giants. In this episode of The Big View podcast, Pascal Saint-Amans, the architect of a landmark 2021 tax treaty, explains how the US’s failure to ratify the deal allows havens to rake in billions.
Reuters: "Ireland's goods trade surplus with the United States reached a record €50 billion ($52 billion) in 2024, according to Irish data, driven by a surge in drug exports to the U.S.
The goods trade surplus for the whole of the EU totalled €156 billion in 2023. While Ireland had a much larger deficit in services with the US of €134 billion euros in 2023 - mainly due to U.S. companies importing valuable intellectual property and royalties - the focus of Trump's trade wars has been on closing U.S. goods deficits through the imposition of tariffs."
Fiscal Assessment Report December 2024
"These high receipts, often exceeding forecasts, are primarily driven by multinational corporations, particularly in the tech and pharmaceutical sectors.
This influx of revenue has allowed for increased government spending and has been a key factor in the country's positive fiscal situation.
These receipts may well increase, but they remain high risk. Just three companies account for most of the windfalls."
"The year-end exchequer returns, published by the Department of Finance on January 2025, showed total corporation tax receipts soared 64 per cent to €39.1 billion in 2024.
This was driven by €11 billion for Ireland from Apple, covering most of the money owed as a result of a high-profile European court ruling last September.
The amount of money transferred to Apple was almost €3 billion higher than what the government had projected when it unveiled its budget in October.
Stripping this out, underlying corporate tax rose by €18bn about 28.1 million. While much of this was unlikely be paid every year, it came in some €1.4bn below forecast.
Tim Cook of Apple has been reported as enlisting the help of Tromph.
Ireland's "bounty," a significant budget surplus, is largely attributed to substantial corporation tax receipts, especially from multinational companies. This has led to a situation where Ireland's public finances are heavily reliant on a relatively small number of large corporations."
Apple's shift of IP assets in 2015 is widely believed to have been responsible for a wild swing in the country's GDP that year. Finance journalist Thomas Hubert has analysed company filings to work out how much tax Apple has paid in Ireland since that IP move.
"Just three companies accounted for a third of all corporation tax collected in the Republic of Ireland between 2017 and 2021, new research suggests.
The Irish Fiscal Advisory Council (IFAC) said that amounted to €5.2bn (£4.46bn) in 2021 alone and probably increased last year.
Corporation tax is the tax that companies pay on their profits.
Ireland has been reaping a corporation tax bonanza as reforms to global rules mean major US companies are choosing to pay tax on their international profits in the country.
The Government said it will “respect the findings,” but added: “The Irish position has always been that Ireland does not give preferential tax treatment to any companies or taxpayers.”The Government said it will “respect the findings”, but added: “The Irish position has always been that Ireland does not give preferential tax treatment to any companies or taxpayers.”
