Having delivered Budget 2023, Minister for Finance Paschal Donohoe speaks candidly about his time in office – from achievements to regrets. He also talks about the specifics of the budget, the future of taxation, and governing in a time of crises.
The sectors under the Minister for Transport and Environment Eamon Ryan’s watch are most affected by volatile energy markets. Should it lead to an economic slowdown, he pledges to make up for job losses with employment in retrofitting.
The energy support package had to balance two competing objectives: protect households while limiting our energy use. It's designed so that budgets bend, but do not break.
By tinkering with corporation tax, Minister for Finance Paschal Donohoe is giving assurances that Ireland is ready for the 15 per cent minimum rate. There may be deeper reforms on the table, but they will be for his successor to lead to fruition.
Share buybacks from cash-rich PLCs are in vogue. And, due to a legislative anomaly, they come with a tax benefit. However, that loophole could soon be closed off.
Papers released by the Tax Strategy Group examine options to reduce the burden of capital gains tax on entrepreneurs. While they rule out a headline rate cut, there are other ideas on the table.
The Summer Economic Statement gives an indication of how Budget 2023 will shake out. Expenditure will likely rise and large sums will be ring-fenced for one-off payments, but what long-term nudges to the economy is it going to bring in? Or will it be more of the same?
In times of incredible economic uncertainty, the logical response would be to spend less. Resisting the political temptation to do the opposite is going to be very difficult.
Of the many transport situations where driving a car makes little sense, business trips are the most obvious. The tax treatment of expenses claims offers one of the many avenues needed to tackle the disproportionate cost of the drive-everywhere mindset.
Lobby groups have campaigned for a universal basic income for years. Now, it looks like a pilot programme will be announced in this year’s Budget. Arts workers are the obvious choice to trial it over the next three years, but some elements of the anticipated pilot still need to be ironed out.
© 2022 Currency Media Limited
