Revised budgetary package draws criticism from Ifac over return to pro-cyclical policies that have traditionally undermined economy
chief economist Conall MacCoille argued that there had been “too much catastrophising” about corporate tax and that the department’s base case is that revenue from the business tax will be stable and continue to grow gradually over the next four to five years.
The Coalition’s proposed spending package is €1 billion greater than the trajectory set out in April’s stability programme update , meaning the Government will breach its 5 per cent spending rule again next year. The rule, which aims to align annual spending increases with “trend growth” in the economy – in Ireland’s case 5 per cent – has been broken every year since its adoption in 2021.
The half-year total for corporation tax signals it will probably again overshoot the department’s €24 billion forecast for the year.on Thursday. It said the plan repeated a pattern and “undermines the credibility” of the Coalition. It also said the additional spending and tax measures risked “making high prices more persistent as a result”.
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