Irish finance minister calls €14B tax windfall from Apple 'transformational'

Irish Finance Minister Jack Chambers has described a €14 billion tax windfall from Apple as "transformational" for the country. This announcement follows a recent European Court of Justice ruling that mandated Ireland to recover the funds due to unlawful tax breaks granted to Apple. Chambers emphasized that the windfall will be allocated to infrastructure projects rather than day-to-day expenditures or tax reductions, as the government prepares for a general election expected in November. The funds will be distributed in two installments: €8 billion this year and €6.1 billion next year, contributing to a projected €105 billion in tax revenue for 2024. Chambers noted that the corporate tax intake is expected to reach €38 billion, with significant contributions from major companies like Microsoft and Pfizer. The government also plans to utilize €3 billion from the sale of shares in Allied Irish Banks for infrastructure spending. As the country faces a cost-of-living crisis, Taoiseach Simon Harris indicated that some funds would be returned to voters. The budget also includes changes to housing taxes and new taxes on e-cigarettes. Chambers projected continued economic growth, with inflation expected to remain below 2% and a declining national debt-to-income ratio.

- The €14 billion tax windfall from Apple will be used for infrastructure, not daily expenses.

- Ireland's corporate tax revenue is projected to reach €38 billion, bolstered by major tech and pharmaceutical companies.

- The government plans to return some funds to voters amid a cost-of-living crisis.

- Housing taxes will increase, including stamp duty for bulk buyers and vacant homes.

- Inflation is expected to remain below 2%, with a declining national debt-to-income ratio.