In total, the 10 companies paid €13 billion in tax between them.

Corporation tax receipts in 2022 were €22.6 billion (up 48% on the previous year), representing 27.5% of total tax receipts.

Corporation tax has now surpassed VAT as the second largest source of tax.

Minister for Finance Michael McGrath said the data points to the need for a careful policy response by Government to protect the public finances into the future.

“In 2011, the State collected €3.5 billion in corporation tax. Last year, that figure stood at €22.6 billion. This year, we expect the figure to increase further to €24.3 billion,” the minister said.

“My Department estimates that around €12 billion – half of the receipts – are windfall in nature and cannot be relied upon in the future. In fact windfall receipts are now accounting for a growing proportion of our revenues.

“As Minister for Finance, I am determined that we use these receipts wisely to underpin the resilience of our public finances into the future.

“We have to avoid the mistake of building up permanent expenditure and taxation commitments on the back of receipts that could prove to be temporary.

“To make such a mistake would be to expose taxpayers, and the sustainability of our finances, to unnecessary and unacceptable risk. A shock to corporate tax receipts would have serious repercussions for the public finances.

“Even in the absence of a shock, structural changes to the economy mean serious expenditure pressures are building up.”

The minister said he believes an additional fund is required to meet the costs of an ageing population and other pressures. He said that by the end of the decade, the stand-still costs of running the State will require an additional €7-8 billion per annum on 2019 levels, simply because of demographic changes.