While some US companies pay more Irish tax than at home, reverse is true for CRH and Smurfit

A cascade of Irish tax data from company filings to the US Securities & Exchange Commission (SEC) speaks volumes about the evolution of Ireland’s foreign direct investment policy. For generations, the aim was always job creation. But the State’s ever-growing reliance on surging corporate tax payments from Big Tech and pharma shows this is now a two-strand affair, with the protection of tax revenues every bit as important as jobs. This brings fresh strain in the form of political risk linked to any backlash from Donald Trump. The SEC figures are revelatory. The success of Eli Lilly’s anti-obesity drugs meant it paid $6.6 billion (€5.69 billion) to the Irish exchequer in 2025, twice its payment to the federal tax authorities in the US. That’s a little north of €474 million every single month to the Revenue, or €109 million every week of the year, give or take a few quid. Huge as these figures are, they might yet be eclipsed by Apple and Microsoft when they make 10-K returns to the SEC later this year. This is the billion-dollar brigade. Among them is Pfizer, whose Irish tax payment was $1.02 billion in 2025. These are special category taxpayers. To one extent or another, the fate of Ireland’s public finances is now bound up with their fortunes. The 2025 figures show Regeneron paying €556 million to Ireland, with Johnson & Johnson paying €517 million and Meta €489 million. Thus, the cash flowing into the exchequer from each was well in excess of €1 million every single day. SEC filings include data from Irish behemoths CRH and Smurfit Westrock, now largely American corporations. CRH’s Irish tax bill in 2025 was $104 million from a total of $831 million – the US federal authorities received $366 million and US states $95 million. Smurfit Westrock paid €67 million into the Irish exchequer last year for corporation tax. Its total tax bill was $521 million. Time was CRH and Smurfit ranked among the biggest taxpayers among Irish businesses. The centre of gravity has shifted.