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Irish Economic Reforms Praised By Euro Chief

by Jason Gorringe, Tax-News.com, London

31 August 2011


Ireland's international creditors are "very pleased" with the country's economic progress, with the head of the eurogroup glad to see it bucking the trend of continual bad news in the eurozone.

Speaking on August 29, Jean-Claude Juncker - chair of the eurogroup of finance ministers - said that "the eurozone suffers from the fact that we seem always to be going on about the bad news and talking all the time about that".

In contrast, "Ireland, as far as competitiveness is concerned, lost out very considerably, but has now caught up half of the ground that it lost", Juncker said.

Ireland's coalition government will signal its commitment to gaining further ground this October, when Finance Minister Michael Noonan is expected to deliver his three-year budget plan. Noonan has already told the European Union and International Monetary Fund that he intends to find GBP3.6bn in revenue and savings this financial year alone, as he attempts to drive down the deficit. Plans include changes to income tax thresholds and credits and the introduction of, and eventual hike in, a property tax.

TAGS: tax | economics | Ireland | property tax | fiscal policy | budget | International Monetary Fund (IMF) | tax thresholds | agreements | European Union (EU) | Europe

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