Three multinational corporations – Apple, Microsoft and Eli Lilly – accounted for 46% of Ireland’s total corporation tax revenue in 2024, amounting to approximately €13 billion, according to a report by the Irish Fiscal Advisory Council (Ifac).
The findings, released on Thursday, highlight a growing concentration of Ireland’s tax base within a small number of large companies. Ifac estimates that Apple paid roughly €5.8 billion in corporate tax in 2024, while Microsoft contributed approximately €4.8 billion. Eli Lilly, driven by the success of its weight-loss drugs Zepbound and Mounjaro, paid around €2.2 billion. These figures exclude a separate €14 billion payment made by Apple related to a prior tax dispute with the European Commission.
The reliance on these three firms represents a significant shift in Ireland’s corporate tax landscape. Between 2021 and 2024, corporation tax nearly doubled, largely due to increased payments from these top three taxpayers, Ifac noted. Previously, Pfizer held the third-highest position in corporate tax payments, but a decline in demand for its COVID-19 vaccine and related medicines led to Eli Lilly surpassing it in 2024.
Ifac economist Brian Cronin stated the findings demonstrate “how reliant Ireland’s Corporation Tax has become on just three companies.” He added that while these companies are currently performing strongly, their future profits and associated tax payments “remain subject to significant uncertainty.”
The concentration of tax revenue raises concerns about the potential impact of any downturn in the performance of these companies. Ifac’s report emphasizes the “exceptionally concentrated” nature of the Irish corporate tax base, noting that just two companies accounted for almost 40% of all receipts in 2024. The council has not publicly identified the two companies responsible for that 40% share, but the overall data points to Apple and Microsoft as the primary contributors.
Looking ahead, Ifac anticipates potential increases in profits for Apple and Microsoft due to advancements in artificial intelligence and growing demand for their products. Eli Lilly is also expected to continue benefiting from strong sales of its pharmaceutical products. However, the council’s report does not offer a projection of future tax revenues, citing the inherent volatility of the corporate sector.