Ireland raises surplus forecast ahead of budget According to Reuters

© Reuters. FILE PHOTO: Ireland’s Minister of Finance and Public Expenditure Paschal Donohoe arrives for an event of the European Financial Forum in Dublin, Ireland on February 13, 2019. REUTERS / Clodagh Kilcoyne // File Photo

DUBLIN (Reuters) – Ireland on Saturday nearly doubled its budget surplus forecast for 2022 to 0.9 per cent of gross domestic product thanks to booming corporate tax revenue, giving the country more resources. to help consumers cope with inflationary pressures.

The forecast comes ahead of the annual budget, which is due to be released next Tuesday, and the figures do not include any measures to be released that day.

The finance ministry said in an Irish statement that Ireland’s overall government balance for the year was 4.4 billion euros ($4.3 billion), or 0.9 percent of GDP, up from the previous forecast. July is 0.5%.

Finance Minister Paschal Donohoe said part of the surplus of more than 4 billion euros would be used to fund “a broad package of one-time rebates … to support people and businesses in the face of challenges.” real that they have to deal with due to rising prices”.

He did not say exactly how much money would be spent on the measures.

The ministry said that without a “favorable” element in corporate tax receipts – estimated at around 9 billion euros out of a forecast total of 21.05 billion euros – Ireland would likely face a zero deficit. 9% by 2022.

Corporate revenue, mainly generated by large multinationals attracted to Ireland in part by low corporate tax rates, has risen sharply in recent years and now accounts for almost a quarter of total sales. tax revenue. But the government has repeatedly warned that they are volatile and cannot be relied upon to fund ongoing spending.

The ministry forecasts next year’s surplus will be 11.8 billion euros, or 2.2% of GDP, if no new budget measures are implemented thanks to a forecast record corporate tax of 22.7 billion. euro.

(1 dollar = 1,0320 euros)

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