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Report Draws Attention To 'Tax Buoyancy' In Ireland

by Jason Gorringe, Tax-News.com, London

20 July 2004

In its latest analysis of the Irish economy, private client broker Davy Stockbrokers suggested that as a result of ongoing "tax buoyancy", Finance Minister Charlie McCreevy is likely to have substantial leeway in terms of tax incentives and spending giveaways in December's budget.

"For the year as a whole, we now expect tax revenues to be as much as EUR1.6 billion better than forecast," the report announced, continuing:

"If the Finance Minister sticks to the existing borrowing targets for 2005, he will have more than EUR1 billion in net giveaways on Budget Day itself. At the same time, the general government deficit will be less than 1.5% of GDP and the national debt/GDP ratio will decline yet again. Very healthy stuff."

The financial services firm went on to forecast economic growth of 4% this year, measured in terms of Gross National Product (GNP).

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