Oireachtas Joint and Select Committees

Wednesday, 14 September 2022

Committee on Budgetary Oversight

Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion (Resumed)

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

They will be once-off measures. IFAC also warned us about the need to get the balance right between them being affordable beyond 2022 and not adding to inflation. We are keenly aware - and the Deputy has acknowledged this in his question - of the possibility of finding ourselves in a world undergoing a further and prolonged energy shock. That affects the profitability of very large companies, which in turn affects the corporate tax they pay. We do not want to be in a situation where we get a double hit, one where we see corporate tax revenue begin to go down while at the same time we need to fund important measures.

If I could tell the Deputy this evening what the figures are with regard to the scale of interventions for this year, or any of the decisions the Government will make, the budget would be announced this evening. We are a fair bit away from that at the moment.

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