Tuesday 23 January 2018

Tightening the fiscal screw

Finance Minister Michael Noonan received mixed signals on the economy yesterday.

The March Exchequer Returns showed that revenue from most of the major taxes was ahead of target for the first three months of the year, while the Fiscal Advisory Council, the independent body set up to advise the Government on budgetary policy, warned that lower-than-expected economic growth would mean that the Government would miss its budget targets.

The Exchequer Returns showed that the Government collected €8.72bn in taxes in the first quarter of 2012, €809m or 10.2pc above the budget day target.

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