The latest exchequer figures show the tax take for the year to date was €520 million, or 1.6%, below target.
Weaker than expected income tax, corporation tax and VAT returns were the main causes of the shortfall. November is the most important tax month of the year, and today’s returns have a key role in shaping the Budget.
The State collected €31.8 billion in taxes in the first 11 months of this year, but this was half a billion less than hoped.
It has spent €40.7bn - about a billion less than planned.
The budget deficit is now €21.4bn, which includes €3.1bn in promissory note payments for Anglo Irish Bank, and €7.6bn for bank recapitalisation.
rte.ie/news/2011/1202/exchequer.html
Quick question, are the €3.1bn in promissory note payments for Anglo Irish Bank, and €7.6bn for bank recapitalisation the final payments, or are we scheduled to fork out more next year ?
mr_anderson:
The latest exchequer figures show the tax take for the year to date was €520 million, or 1.6%, below target.
Weaker than expected income tax, corporation tax and VAT returns were the main causes of the shortfall. November is the most important tax month of the year, and today’s returns have a key role in shaping the Budget.
The State collected €31.8 billion in taxes in the first 11 months of this year, but this was half a billion less than hoped.
It has spent €40.7bn - about a billion less than planned.
The budget deficit is now €21.4bn, which includes €3.1bn in promissory note payments for Anglo Irish Bank, and €7.6bn for bank recapitalisation.
rte.ie/news/2011/1202/exchequer.html
Quick question, are the €3.1bn in promissory note payments for Anglo Irish Bank, and €7.6bn for bank recapitalisation the final payments, or are we scheduled to fork out more next year ?
For Anglo I think its about 3bn a year for the next 8 or 10 years.
who would have thunk it, you can’t tax your way out of a depression! ah well I’m sure a 2% vat increase will sort it.
So is the deficit really 14bn, assuming no similar (or any) bank recap’s in 2012? Just trying to get a handle on how far we’ve to go.
To be running a deficit of 21bn with a tax take of 32bn - thats some overspend.
Capital spending is €1 billion less than expected though.
onlyone
December 2, 2011, 10:10pm
6
As MacSharry said, cut once and cut deep. We are are having a repeat of the the early 80s here, with a drip torture.
Bingo
December 2, 2011, 10:18pm
7
To cut once in this case was not possible, remember the corners we kept turning as we dug deeper into the banks. We are 21 billion in cuts in and lots more to go.
maybe the penny will start to drop, we cannot pay back the bank debt patriotic lenny took on without becoming debt serfs to europe. But Don’t forget vote yes for jobs
whats wrong with people, why wouldn’t they go out and spend
seriously though
this was based on growth of 2-3% over the next few years
onlyone
December 2, 2011, 10:31pm
10
kennyb3:
So is the deficit really 14bn, assuming no similar (or any) bank recap’s in 2012? Just trying to get a handle on how far we’ve to go.
To be running a deficit of 21bn with a tax take of 32bn - thats some overspend.
The irish national accounts are a crock. They dont record all revenue, or expenditure.
Expenditure is also 1 billion less than expected, so the half billion less in tax receipts doesn’t have any net negative effect on deficit targets for now
kennyb3:
So is the deficit really 14bn, assuming no similar (or any) bank recap’s in 2012? Just trying to get a handle on how far we’ve to go.
To be running a deficit of 21bn with a tax take of 32bn - thats some overspend.
So how are my projections looking ?
mr_anderson:
2009 €24 billion and the government cut €4 billion.
extrapolating at €3 billion a year from here on in …
2011 €17 billion and the government cuts €3 billion.
So, instead of cutting €24 billion in one fell swoop, they do it over 8 years.
thepropertypin.com/viewtopic.php?f=19&t=32913&p=426338&hilit=#p426338
mr_anderson:
kennyb3:
So is the deficit really 14bn, assuming no similar (or any) bank recap’s in 2012? Just trying to get a handle on how far we’ve to go.
To be running a deficit of 21bn with a tax take of 32bn - thats some overspend.
So how are my projections looking ?
mr_anderson:
2009 €24 billion and the government cut €4 billion.
extrapolating at €3 billion a year from here on in …
2011 €17 billion and the government cuts €3 billion.
So, instead of cutting €24 billion in one fell swoop, they do it over 8 years.
(€20 + €17 + €14 + €11 + €8 + €5 + €2) **€77 billion **to the national debt.
thepropertypin.com/viewtopic.php?f=19&t=32913&p=426338&hilit=#p426338
as future prediction go it will be more accuracte than anything else i have seen
