Budget 2024: Minister says end of runaway increases in corporation tax receipts needs to be taken into account
However, the Fianna Fáil TD said corporation tax would probably reach its projected level of €24 billion this year, but there would not be the sort of overshoots in receipts seen in recent years.Bumper corporation tax receipts have seen the Government record large surpluses, but Mr McGrath and the Minister for Public Expenditurewant to set them aside in a savings and investment fund for the future rather than hiking day to day spending.
“All of that means we need to be careful in framing Budget 2024,” Mr McGrath told journalists on Tuesday at his party’s think-in at Horse and Jockey, Co Tipperary.He declined to be drawn on whether the budget package would be of a similar size to last announced last year, when – in addition to general spending increases – there was an additional €4 billion of once-off giveaways. Mr McGrath said this year’s giveaways would be “targeted at those who need them the most”.
He said further energy credits would also be considered but warned that with the economy at full capacity, the Government needed to be careful not to add to inflation as it would cost people more in the longer-term. “We need to be careful that we don’t add fuel to the fire and we don’t start pushing inflation back up...But there will be help for people. There will be a set of temporary one-off measures to complement what is already a large budget package of almost €6.5 billion.”
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