Oireachtas Joint and Select Committees
Thursday, 19 June 2014
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Fiscal Assessment Report 2014: Irish Fiscal Advisory Council
2:45 pm
Mr. Diarmaid Smyth:
Yes. Generally, I would wait. We have had only five months of Exchequer data, and we have had only two months of Exchequer data since the stability programme, and it would be prudent to wait until at least we have had eight to nine months of data. Deputy Humphreys is correct that taxes are ahead by €500 million, although approximately half of that reflects income tax and corporate tax, the latter of which is particularly volatile. Some of the other savings probably do not reflect big structural improvements. For example, we have seen Central Bank profits go up as well as interest savings. Some of the headline figures may overstate the improvement. It is probably a little early in the year. Certainly, so far taxes are ahead, but there are some big months ahead, particularly November. It is prudent to wait and see at present.
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