Pearse Doherty (Donegal, Sinn Fein)
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26. To ask the Minister for Finance the estimated revised revenue and deficit projections for each of the years 2021 to 2025, in tabular form in view of recent tax performance as demonstrated in the latest Exchequer tax returns outlined in the Fiscal Monitor for August 2021. [44864/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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My Department publishes two sets of (granular) fiscal forecasts each year: in the spring (set out in the Stability Programme Update) and in the autumn (alongside the annual Budget).

Clearly, and as the Deputy is aware, tax revenue has performed strongly over the summer; some of this is permanent - in the sense that it remains in the base - while some is temporary and reflects one-off gains.

My Department is currently compiling its autumn forecasts and these will, as normal, be published in October.

As well as somewhat stronger revenue developments in the base year, it also appears that the economic outlook is somewhat better than envisaged last spring, inter aliadue to the earlier-than-assumed re-opening of the economy. This, of course, will have an impact on the budgetary arithmetic and my Department will take all of these factors into account in compiling its revised fiscal forecasts.

I want to stress, however, that the Summer Economic Statementset out a revised fiscal architecture: spending ceilings are now fixed and de-coupled from revenue developments. The objective of this is to avoid pro-cyclical policies and to ensure that windfall gains are not used to finance spending. This is how we will ensure that budgetary policy remains on a sustainable path.