The Tánaiste has said he sees no reason why Ireland's buoyant corporation tax receipts can’t last for another 20 years, if Ireland remains an attractive place to invest.

But Leo Varadkar also said that the current corporation tax bonanza needs to be used wisely.

"It’s a vulnerability but it is also a good problem to have," he said at the IDA mid-year results launch.

"It's a problem we’d rather have than not have, because we are taking in so much profit taxes from those corporations and that is money we can then invest in infrastructure that we need."

Mr Varadkar said the country needs to make sure that it lasts for as long as it possibly can.

"And there is no reason why it can’t last for another five, ten, twenty years, if we continue to make sure that Ireland is an attractive place for business and an attractive place to invest," he said.

However, the Minister for Enterprise, Trade and Employment said we need to use the money wisely.

"The best way to do that I think is to put some of it aside, whether it is in a social insurance fund for future pensions, or into a 'Rainy Day’ fund," he claimed.

"But to use most of it to invest in infrastructure - things that you don’t need to build twice…that’s the best way I think to make sure that we insulate ourselves from future risk."

Earlier this week the Department of Finance flagged in the Summer Economic Statement the increasing dangers of Ireland’s growing reliance on corporation taxes.

They are €3 billion or 53% higher in the first half of this year, compared to the same period last year.

The Fiscal Advisory Council also said strong corporation tax receipts should "not be relied on to fund permanent spending increases".

IDA chief executive, Martin Shanahan, said he does not foresee an immediate issue with corporation tax take dropping suddenly, and added that there is nothing he is hearing from clients that would give him cause for concern.

"I think there is every reason to believe that it will continue at at least current levels for some time," he said.

"That isn't to say that a day will never come when corporation tax receipts will reduce."

"We shouldn’t be complacent and I think we all agree on that."