Dáil Éireann Debate, Tuesday - 17 June 2025
304. Deputy Richard Boyd Barrett asked the Minister for Finance the cost of historic losses forwarded by companies that earned over €750 million per year as corporate tax deductions in 2022, 2023 and 2024; and if he will make a statement on the matter. [32673/25]
View answerI am advised by Revenue that fully verified figures for Turnover from Company iXBRL files are not yet available for the periods in question, due to the complexities of these files. However, in order to provide some information for the Deputy, the approach was adopted to use Gross Trade Profit figures, as these provide reliable data on which to quantify the losses forward used by this cohort of companies. Gross Trade Profit is the tax adjusted profit, after a deduction for the various costs of sales and other expenses, with an add back for items that are not deductible for tax purposes, but before a deduction for capital allowances.
The cost of historical losses forward for companies with Gross Trade Profit of over €750 million for the years 2022 and 2023 is in the region of €1.9 billion and € 2.4 billion respectively, based on Corporation Tax (CT) returns for those years.
Information for 2024 is not yet available as CT returns in respect of accounting periods ending in 2024, that is returns for the liability year 2024, will not all be filed until late 2025.
It is also worth noting that the Pillar Two rules apply to Multi National Enterprises groups or large-scale domestic groups where the revenue of the entire group exceeds €750 million in two of the previous four fiscal years. In line with the Deputy's question, the above data is based on the companies with a Gross Trade Profits above €750 million.
