Shane McEntee (Meath East, Fine Gael)
Link to this: Individually | In context

Question 13: To ask the Minister for Finance if he plans to publish tax forecasts for 2009, 2010 and 2011 before the emergency budget. [12575/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The Addendum to the Stability Programme Update, published on 9 January last, forecast total tax receipts in 2009 of approximately €37 billion. However, in light of the continuing weakness in the Exchequer Returns, my Department now anticipates that there could be a shortfall of up to €3 billion on this figure. This would mean that only €34 billion in tax receipts would be collected in 2009, representing a year-on-year decline of over 16 per cent.

Economic growth has also continued to weaken and lower levels of economic activity will obviously have implications for future tax revenue receipts.

In light of this, the Government decided to announce further measures to stabilise the budgetary situation. This will involve the introduction of additional taxation and expenditure measures in 2009 to address the continued deterioration in the public finances. The Supplementary Budget will be presented to the Dáil on the 7th of April and will set out a multi-annual plan to restore stability to the public finances. The scale of the challenge we face means that all options must now be on the table, including action on both current and capital expenditure, as well as revenue raising measures. The Government has already taken significant action to restore stability to the public finances and the Supplementary Budget will continue this process. Taking action now will ensure that confidence in our public finances can be restored and that we are positioned to take advantage of a recovery in the international situation when it occurs.

The Government has sought to engage all parties in our efforts to address the difficulties in the public finances and with this in mind I have made my Department available to the Opposition on an unprecedented scale by arranging for officials to brief the main opposition spokespersons on the latest available figures and on the emerging position. The Opposition has also been asked to submit any proposals they may have to the Department of Finance for costing by officials and I am open to considering what further information that can be made available is put into the public domain in advance of the Supplementary Budget.