Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

The Irish Fiscal Advisory Council, IFAC, was before us last week. I am stealing the same question I asked then. IFAC estimated that the Government's revenue for 2022 will be €3.5 billion higher than forecast in the July summer economic statement. It stated that a surplus of €4.5 billion for 2022 is achievable, whereas the summer economic statement projected a surplus of €1.2 billion. That is a differential of €3.3 billion. The Minister for Finance referred to parameters under the summer economic statement. What latitude does that €3.3 billion differential provide to the Ministers, in framing the budget, for once-off measures in 2022? The Minister for Finance said there is €3.7 billion unallocated from the continuity fund this year. Some of that will go towards overspend in various Departments. There is €3.3 billion, effectively of corporation tax receipts, which are questionable in terms of their certainty into the future.

I am talking about targeting for energy costs. We have businesses, such as supermarkets and hotels, across the range getting excessive bills. They are up three and four times. Households are having the same issue. What level of the €3.7 million that is currently unspent do the Ministers see being available to them, on top of the €3.3. billion in unexpected corporation tax, to provide once-off measures? It is about framing a budget. The €3.3 billion on top of the €6.7 billion announced to date in the summer economic statement comes to around €10 billion. We are in a wartime situation with energy costs. What scope does that €3.3 billion provide the Ministers for once-off measures in 2022? What will be the total once-off measures in 2022? I am not embedding it in core spending; quite the reverse. We are in a wartime situation regarding energy costs and must bring business through, as we did during Covid. I asked this specific question of IFAC and ask it of both Ministers.

Then I have a follow-up question for the Minister for Finance on €1.05 billion in taxation provided for in the summer economic statement.