The Revenue Chairman has written to the Minister for Finance in connection with the forecasts for corporation tax revenues for 2015, which show a significant surplus in corporation tax receipts compared to the target set for the year. According to Mr Cody’s letter which came into the public domain at the end of last month, receipts from corporation tax are €2 billion ahead of target already and the position is unlikely to change much by the end of the year.

It seems that some €1.2 billion of the €2 billion surplus is associated with a number of large multinational groups. The ICT and Pharmaceutical sector account for about 80% of total corporation tax receipts. However, it also seems that payments from non-Large Cases Division (LCD) companies are growing faster than those from LCD companies. Currency fluctuations and economic growth have contributed to the surplus for 2015.

All this appears contrary to media speculation that just one multinational, Apple, was responsible for the bulk of the uplift.

According to the letter, Revenue and the Department of Finance have agreed to review the forecasting method for corporation tax and an internal working group in Revenue has been established to consider the matter further.

The letter is published on the Department of Finance website.