Friday 9 December 2016

We cannot rely upon the 'phantom billions'

Published 02/12/2015 | 02:30

On Budget Day, in that folksy way of his, Finance Minister Michael Noonan described his tax cuts as equating to an extra week’s pay for many workers. Well, he may be less keen on describing today’s Exchequer returns as being an extra month’s revenue for Government
On Budget Day, in that folksy way of his, Finance Minister Michael Noonan described his tax cuts as equating to an extra week’s pay for many workers. Well, he may be less keen on describing today’s Exchequer returns as being an extra month’s revenue for Government

It should be, and very probably is, good news, especially as we approach Christmas. The Government will today announce tax receipts vastly better than predicted last year. In fact, they are right back to a level of income last seen in 2007, the final year of the boom.

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On Budget Day, in that folksy way of his, Finance Minister Michael Noonan described his tax cuts as equating to an extra week's pay for many workers. Well, he may be less keen on describing today's Exchequer returns as being an extra month's revenue for Government.

The reality is that the Government is likely to say it has taken in roughly €42bn to the end of November - equivalent to the sum it predicted for the entire 12 months of 2015. Hence the de facto extra month.

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