Written answers

Thursday, 25 September 2008

5:00 pm

Photo of Catherine ByrneCatherine Byrne (Dublin South Central, Fine Gael)
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Question 49: To ask the Minister for Finance the basis on which he plans to forecast the tax receipts in the last quarter of 2008 for which he will have no hard evidence by the date of Budget 2009. [31460/08]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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In formulating the Budget every year it is necessary for my Department to make an estimate on the expected outturn for the current year in advance of the receipt of all revenues for that year. As the Budget is traditionally held on the first Wednesday in December, it is normally only tax receipts for the month of December that must be estimated. Obviously this year it will be necessary to make an estimate of the outturn that covers a longer period of time than is the norm. My Department, in consultation with the Revenue Commissioners, will make this assessment taking into consideration the emerging trends in receipts over the course of the first nine months of the year, as well as any relevant accordant economic data, such as retail sales figures, employment figures, motor sales figures etc. Based on the latest information available at that time, an end-year outturn will be forecast. However, what I will not do today is speculate further on this in advance of having all of the relevant data fully analysed.

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