Public finance surplus projected to be over €4.4bn

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The surplus in the public finances will be just over €4.4 billion this year, according to the Budget White Paper. The surplus is due to record amounts of corporation tax which is expected to continue into next year |

Next year, the surplus is projected to reach almost €12bn but this is before any decisions are made in next week's Budget.As recently as July, the Government had revised its forecasts from a deficit this year to a small surplus of around €1.2bn.

But these figures are where the public finances would end up if no decisions were taken on Budget Day next week. The widely anticipated significant increase in expenditure to counter the cost-of-living crisis will take a chunk out of the surplus figures. The paper also reveals that if the portion of corporation tax deemed to be a"windfall" or not expected was removed, there would be a deficit this year of €4.5bn and next year's surplus would be just €1.78bn.The Tánaiste Leo Varadkar has said people will see a"very significant" intervention by the Government to help people and their families and that the results would be in their pockets in a matter of weeks.

"We're in really uncertain times and dealing with a crisis caused by a huge war in Europe and we cannot be sure how long it will go on for," said Mr Donohoe in Limerick.

 

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Record amounts of corporation tax.

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