Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
IRELAND’S DEFICIT AT the end of the first quarter of 2013 stands at just under 3.7 billion- a reduction of €568 million on the same quarter last year.
Overall tax revenue is up €95 million on last year with net voted expenditure down €689 million. For the month of March, tax revenues amounted to €3,001 million which is an increase of €172 million year-on-year.
Tax revenues surpassed targets for the quarter by €47 million with corporation tax, stamp duties and customs all meeting or exceeding targets. Corporation tax was significantly ahead of target – by €147 million – though the overall figure is still a decrease of €74 million year-on-year and VAT is also down €72 million on the target set by the government of just over €3.3 billion.
Income tax for the month was €56 million up on March 2012 and 0.7 per cent ahead of target. However excise duties are behind target at €990 for the quarter though they are up marginally year-on-year.
March 2013 saw the first receipts of Local Property Tax with €1.3 million received into the Exchequer. The Department of Finance said this “is particularly encouraging given the fact that payments were not due until much later in the year”.
Commenting on the figures today, Minister for Finance Michael Noonan said the strong tax performance is “particularly noteworthy given that there has been no increase in income tax credits, rates or bands over the period and may be reflective of the stabilising labour market evident over recent quarters”.
Expenditure
All departments but three reduced spending compared with the first quarter last year. Expenditure in Arts, Heritage and the Gaeltacht is up 4.9 per cent on last year while spending in the Children and Youth Affairs group is up almost 16 per cent.
Communications, Energy and National Resources has cut spending by almost 29 per cent which is the largest saving followed by Public Expenditure and Reform which reduced expenditure by 27.5 per cent to €185 million.
Exchequer borrowing increased by some €6.5 billion during March 2013, primarily reflecting the raising of €5 billion through the sale of a new 10 year benchmark treasury bond, as well as IMF and UK bilateral loan drawdowns under the EU/IMF Programme.
Minister for Public Expenditure Brendan Howlin said that expenditure overall is “on target and in line with expectations”, including the big spending departments.
“It is, however, early in the year and the Government is aware of the continuing need to keep overall expenditure on profile,” he added.
To embed this post, copy the code below on your site
A Greek tragedy.
Watch dictatorship win over democracy and weep.
So much for all this “cradle of democracy” and “why don’t we do the same in Ireland” nonsense, reality kicks in hopefully
I for one hope the Greeks get their referendum and the result that will hopefully lead to the collapse of the euro and all the shit that goes with it.
The harsh reality for millions of Greeks is that romantic notions about democracy won’t put food on the table next month. They have a stark choice. Accept the bail out.. Death by a thousand cuts… Or reject the bailout… Instant death. Their pompous politicians ought to be ashamed for bring their Nation to it’s knees.
The € will croak and the quicker and less painful the better,Insane concept from the off.
Why was it insane?
We are witnessing the explicit emergence of authoritarian capitalism. No longer can we have any illusion that democracy has any part to play in the plans of those who wish to continue with unending wealth accumulation.
Meanwhile on the streets of Oakland we see this http://twitpic.com/7aazyi
The game has yet to be played out. If this kinda of authoritarianism is not resisted as China becomes the greatest superpower idea of genuine democracy will be snuffed out for sure. thats the choice now authoritarian capitalism where societys rule are organised from above by and few for a few. Or democracy from below where we govern ourselves as equals. The idea that there is no left and no right is the greatest stunt the right has pulled, but make no doubt of the iron fist that lies at the heart of the “free markets”
Emergence of authoritarian capitalism !!!! it’s been that way since man came out of the caves
We are not an automatic democracy. We elect representatives and they think for us for five years. Vote good quality people in every five years then largely STFU. However if we vote in venal twits like about 50% of our politicians are we’ll have to keep demanding a vote every 6 months no matter what. It is not part of (or even good practice in any circumstances) to give everyone a broad vote on every economics bill.
Now some you can make an argument for but one that writes down vast chunks of their debt is the only way to go.
“Instant death” is bit dramatic don’t you think. Headline should read ‘Greek finance minister’s grab for power’.
Come on Papandreou!
A figure of speech only. I don’t envisage bodies all over Athens streets.. This is getting dangerous now. Financial warfare is being unleashed on Europes citizens. Dramatic enough??:)
And the Greeks (via referendum) are fighting back.
A bit of back peddling finally! About time
Napoleon in high heels and Hitler in drag. Don’t worry. All is not lost. This is the final act in the farce that is “the markets”.
This is the future – Ordinary Greeks are taking matters into their own hands:
“In early October, a peculiar news item barely made its way into the back pages of Greek national press: in the northern city of Veria, a small group of people had started reconnecting the electricity supply of households disconnected from the national grid due to bill non-payment. This kind of solidarity action seemed rather abnormal.
Then again, it is difficult to define what constitutes normality in the country nowadays – the upper echelon of political power is in an unprecedented turmoil, and Tuesday’s referendum announcement by prime minister George Papandreou, followed by him reportedly preparing to step down, has thrown his political allies and foes into a tailspin. Parliamentary opposition parties are calling for a “national unity” government, snap elections, or a succession of the two; the entire mainstream political spectrum in the country seems to have entered a delirious state of panic. In a stunningly surreal scene, eurozone leaders and global markets are nervously waiting for people in Greece to cast a vote.
And yet, at this precise moment, Greek people are realising they are left with what they had at the outset – that is, absolutely nothing to hope for from the mainstream political scene.”
See more here http://www.guardian.co.uk/commentisfree/2011/nov/03/greeks-austerity-grassroots?CMP=twt_gu
What’s brendan Gleason doing there
Lol neo.
have your say