The State’s overall tax take fell by just 3.6pc – or €2.1bn – last year as multinationals and high earners rode out the pandemic.

Tax revenues fell by almost ten times as much during the global financial crisis a decade ago, according to the Government’s 2021 annual taxation report.

Corporation taxes reached a record high in 2020, rising by 8.7pc, or €1bn, as exports of computer and pharmaceutical products held up despite the pandemic.

And income tax fell by just 1pc, or €224m, as high earners in mobile sectors such as IT or consulting were able to work from home, while low earners ended up out of a job and on the Pandemic Unemployment Payment.

The biggest hit to tax revenues last year was the fall in consumption taxes such as value-added tax (Vat), which plunged by almost 18pc or €2.7bn on 2019 levels.

Customs duties declined more than 20pc, or €73m, as trade with non-EU countries collapsed last year.

The UK was still considered an EU member state in 2020 so the effects of more onerous customs procedures in Dublin Port has not been factored in to the figures.

“The Covid-19 pandemic and associated public health measures had a relatively muted impact on overall taxation receipts – relative to the impact on the labour market – largely due to resilience in income tax,” said Finance Minister Paschal Donohoe.

He said the tax system has held up due to its “progressivity” and the fact that the Covid shock has been “sectoral in nature, with the most affected sectors dominated by employees towards the lower end of the wage scale and that were, as a result, largely outside the income tax net”.

The report predicts that a future crisis that affects high earners would "have severe implications for the public finances”.

Corporation taxes now make up 20pc of total tax revenues – almost double what they were a decade ago – and have increased by almost 70pc in the last five years. That increase is largely due to multinationals taking advantage of changes to intellectual property (IP) rules.

However, the Government predicts corporate tax revenue will start to decline from next year onwards, after an expected global tax deal takes effect.

“International rule changes could have an adverse impact on receipts,” the Government said in its report. “The pandemic confirms that international changes are very likely and we must prepare for this.”

The Organisation for Economic Cooperation and Development is currently finalising new tax rules that will reallocate multinational profits to other countries and ensure the largest firms pay a minimum of 15pc tax on their global earnings.

In 2020, the top 10 largest firms accounted for just over half of all corporation tax revenue in Ireland.

The Government has refused to sign up to the 15pc minimum tax rate proposed by the OECD, although it supports the sharing out of taxable profits to other countries.

It estimates that tax revenues will decline by at least €2bn a year by 2025, although the report says that figure "may, of course, be higher”.