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McCreevy's Deficit Slashed By November Tax Surge

by Jason Gorringe, Tax-News.com, London

03 December 2002


Figures published by Ireland's Department of Finance over the weekend have revealed that Finance Minister, Charlie McCreevy's deficit has been reduced substantially, as a result of a surge in tax revenue in November coupled with a large saving on the amount set aside for interest payments on the Republic's national debt.

The Estimates of Receipts and Expenditure, released on Saturday revealed that the shortfall for the year is now only expected to come to 139 million euros, down from the 750 million euros recently predicted by the Finance Minister.

However, reporting on the announcement, several Irish media sources have cast doubt on the accuracy of the figures, which were calculated using the government's own system. According to the Business World news service on Saturday:

'Counted in the way favoured by the EU - using the General Government Balance measure - the deficit comes to 403 million euros.'


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