The Irish government launches a 100 billion euro government fund. This should help to cope with the increasing costs of health care and pensions. The “Future Ireland Fund” (Future Ireland fund) will be fed with exceptional corporate income.
Every year, 0.8% of Ireland’s gross domestic product will be added to the new fund. By 2035, the fund could be worth 100 billion euros.
The government expects a budget surplus of 8.8 billion euros this year, after a positive balance of 8.5 billion euros last year. Ireland is known for its advantageous corporate tax regime and has a well-trained English-speaking population. These assets lure a lot of (technology) multinationals, which installed their European headquarters there.
However, several politicians repeatedly warned that the country is too dependent on the tax revenues that those companies generate. Moreover, Ireland has committed itself internationally to introduce a 15 percent minimum tax on the profits of multinationals.