Budget 2023

March 2023

NTMA raises €1.25bn as State’s borrowing costs double in six months

The National Treasury Management Agency (NTMA) has raised €1.25bn in fresh funding in its second bond auction of the year this morning.

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Brussels tells governments to end household energy supports

The EU is advising governments to end blanket energy supports like the €200 electricity credit by 2024 and start paying down high national debts.

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Central Bank sees boom for State but gloom for households

Individual households are not set to feel the relief of lower inflation in their pockets until the end of next year, the Central Bank believes.

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NTMA to raise more than €1bn in new bond auction on Thursday

The National Treasury Management Agency (NTMA) is set to raise up to €1.25bn in fresh funding on Thursday in its second bond auction of the year.

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Tax receipts continue strong growth as €4bn transferred to National Pension Reserve Fund

Exchequer revenue continued its growth trajectory in February driven by strong tax receipts once again.

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February 2023

New cost-of-living package will be last one before the next budget, says Finance Minister Michael McGrath

The next cost of living package must be “affordable” and will be the last one before the next budget, Michael McGrath has said.

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Second transfer brings rainy day fund to €6bn

The State has transferred €4bn to its new rainy-day fund, the second payment it has made since last September’s Budget.

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Irish government must control spending, ratings agency warns

Ireland's “magic money” corporation tax receipts cannot last, a leading ratings agency has said.

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Michael McGrath calls on energy companies to pass on lower costs to consumers

The finance minister has said he will take on board calls by the European Central Bank to roll back cost-of-living supports, but that an extension of the measures is a national decision.

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Tax take in January already up on bumper 2022 numbers

The public finances are off to a stronger start in 2023 than even last year’s bumper tax take had produced.

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January 2023

Ireland had EU’s biggest budget surplus at the end of 2022

Ireland had a larger budget surplus than almost all other EU countries in the third quarter of 2022, Eurostat estimates show.

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Ireland to lose out on revenues in global tax deal as others gain

Ireland's corporate tax revenues are set to fall as a result of changes to global tax rules that apply from next year.

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Spend more or borrow less? The expert views on using €5bn tax windfall

This week's €5bn exchequer surplus – five times the budget day estimate – means ministers come into the year with money to play with so we asked employer representatives, trade unions and economists how they think it should be used.

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Sarah Collins Opinion Michael McGrath and Paschal Donohoe to stash, not splash, the unexpected extra €5bn tax boon

The State has the cash to flash, but is determined not to spend it.

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December 2022

Nama transferred half a billion to the State in 2022

Ireland’s bad bank has transferred €500m to the public purse this year, with an estimated €1bn to come before it is wound up in 2025.

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OECD warns of mortgage arrears overhang and public debt risks

High mortgage arrears are still a “significant problem” for Irish banks and the wider economy, the Organisation for Economic Cooperation and Development has warned.

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New 15pc corporate tax to apply from 2024 after EU deal

Ireland’s corporate tax take could swell significantly from 2024, when a 15pc minimum rate on multinationals is due to take effect.

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EU to target cryptocurrency gains and holiday bookings for tax

Airbnb’s Dublin-based headquarters could be forced to collect millions more in Vat in a move to make all travel platforms – including the likes of Booking.com, Trivago and Expedia – pay in cases where their users fail to do so.

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NTMA confirms minimal borrowing needs in 2023 bond plan

Ireland will borrow €7bn-€11bn on the financial markets next year as the Government’s strong budgetary position reduces the need to raise new debt.

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November 2022

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Government missed chance to save €32bn of tax windfall, says Fiscal Council

The State’s budget watchdog has suggested bringing back the National Pension Reserve Fund to pay for spiralling retirement costs.

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Brussels tips Ireland to escape worst even as EU flirts with recession

Ireland’s economy is a relatively bright spot in what promises to be a bleak winter for the rest of the bloc.

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Surplus grew in October but officials say tax boom won’t last into 2023

The latest figures from the Department of Finance confirm the dramatic improvement in the public finances following Covid, but officials say bumper corporate tax levels are not expected to be matched next year.

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October 2022

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Outgoing OECD tax chief backs Paschal Donohoe to remain as Eurogroup chair

Paschal Donohoe’s Eurogroup job is “clearly a plus” for Ireland, the architect of a global tax deal has said.

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Budget gives slight boost to gloomy Irish consumers, survey shows

Last month’s Budget helped to ease some of the financial concerns of consumers, but they continue to remain gloomy about prospects for the coming year.

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Ireland paid €300m net into the EU budget last year

Ireland paid €300m more into the EU budget last year than it got out, according to the bloc’s auditors.

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Social welfare bonuses: dates for extra child benefit, pensions, fuel and host of other payments revealed

Payment dates for the €1.2 billion suite of Budget lump-sum supports to people are announced today.

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Gallery

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‘I have a long journey ahead of me, I hope, in politics’ – Paschal Donohoe says his fate as Eurogroup chief is in the hands of others

Paschal Donohoe doesn’t want to talk about it.

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Corporation taxes continue to pour in above forecast

The public finances further improved in September, with an additional €1.6bn in taxes collected during the month compared to the same time last year.

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Eurozone finance ministers call for united response to energy crisis

Euro area finance ministers have agreed to refrain from giveaway budgets and “harmful tax adjustments” in 2023 to try to curb spiking prices.

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September 2022

Renters as well as home buyers will carry cement levy burden

The concrete levy introduced in this year’s budget is also set to impact renters, as well as people buying new homes, the ERSI has warned.