Summer Economic Statement published….
Dublin: Finance Minister Micheal McGrath has published the country’s Summer Economic Statement, which notes a huge increase in tax revenue. In the October budget, he also announced a €6.4 billion spending package. The parameters of the budget presented on October 10 are contained in the Summer Economic Statement.
11% increase in tax revenue
Tax revenue for the fiscal year ended June was €40.9 billion, up 10.9% from the previous year, owing to higher corporation tax revenue. Corporation tax revenue was 10.35 billion euros in the year to the end of June, an increase of 1.8 billion euros compared to last year. A third of all corporate tax revenue is accounted for by three entities. The minister also points out the dangers of this.
There are currently no measures to control the cost of living.
For the past few weeks, ministers and political leaders have been debating the release of the Summer Economic Statement. Yesterday evening, an agreement was reached in this regard. However, the minister stated that no such measures have yet been decided to help people’s lives, which are being made difficult by rising living costs and inflation. However, the minister hinted that some measures might be implemented after the summer.
The Summer Economic Statement primarily defines the budget package for 2024. It sets the parameters of the budget and also includes measures of fiscal discipline.
Non-core spending of €4 billion.
The finance minister stated that 4 billion euros in non-core spending will be brought in next year for temporary measures. This will be used to meet ongoing needs related to refugee resettlement in Ukraine as well as COVID-related activities.
Last year, the government announced a €11 billion budget package. Along with the 6.9 billion euros in the budget, 4.1 billion euros in one-time measures were announced to help with the rising cost of living. This time, the government did not announce such measures.
Opposition with criticism
The Social Democrats’ finance spokesperson, Roisin Shortall, criticised the government’s policy approach despite the country’s healthy economy, saying the government itself acknowledged problems with jobs, housing, and infrastructure in the statement.
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