The Irish government has revealed its end-February Exchequer figures this week, showing increasingly worrying declines in revenues against last year’s statistics. The government, under sustained pressure from several bodies, has announced it will put forward an interim budget, expected to include several tax changes, by the end of March.
“The end-February Exchequer Returns are disappointing and it is already clear that tax revenues in 2009 are under pressure. The government remains vigilant and is committed to restoring the public finances to a sustainable position. This government will take the necessary action to ensure that the General Government Deficit this year does not worsen from the forecast 9.5% of GDP,” said the Irish government in its statement. It added:
“This government has been clear in its strategy to address the difficulties in the public finances and has already taken a number of very significant steps in this regard. In this year’s budget, we brought forward significant tax measures to secure a substantial amount of additional Exchequer revenue for this year. In early January, the government set a five-year framework to restore order to the public finances. The first step of this plan was delivered on February 3 with the announcement of a series of measures to secure further savings of up to EUR2bn on a full year basis.”
Announcing the interim budget the Irish government stated:
“The budgetary position facing us is challenging and requires that we all play our part in dealing with this unprecedented economic downturn. The fiscal strategy we adopt now is of fundamental importance to the future of this country.”
“This government will take the decisions that are necessary to ensure the stabilisation and sustainability of the public finances which is an essential pre-requisite to the renewal of the economy. In this regard, the Government has decided to announce the necessary measures by the end of this month.”
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