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Posts in the "Taxation" category

UK Spring Budget. The calm before the storm

Posted on March 08, 2017 by Paul Mac Flynn

In what will be the UK's last Spring Budget, earlier today Philip Hammond gave what could only be described as a lacklustre financial statement to the House of Commons. There were moves to increase funding for Social Care and a small reversal of the increases to Business rates in England. At UK level, there as an increase in National Insurance for the self-employed but also an increase in tax thresholds with the higher rate threshold moving up to £50,000. The increases in the thresholds will benefit higher income tax payers more than modest gains for lower earners. For Northern Ireland, specifically, there was an increase of £120m in block grant spending over the next three years with £90m for day to day spending and £30m for capital projects. To put that in context £90 is 0.9% of Northern Ireland's current day to day resource spending. The block grant is set to fall by £184m in real terms by next year alone and to fall by over 5% by 2020. Whilst any new funding is welcome, austerity will continue to be the economic narrative in Northern Ireland for many years to come.

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Permanent link | Categories: Government SpendingNorthern Ireland Taxation

An Irish Wealth Tax

Posted on December 21, 2016 by Tom McDonnell

Scrooge McDuck - Monday blog on wages and profitability
Monday blog on wages and profitability

2017 promises to be a year of change with Brexit and Trumponomics gathering pace with diffcult to predict outcomes. One thing remaining constant is that the fiscal space available for Budget 2018 will remain tight and that discretion for current and capital spending increases and tax cuts will be limited. The fiscal council estimate that the carry-over cost of measures introduced in Budget 2017 is €650 million and that this will absorb over half of the estimated €1.2 billion of fiscal space in 2018. This at a time when the population is growing and spending on areas like housing, productive infrastructure, R&D and third level education are already low by European standards.

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Permanent link | Categories: InequalityTaxation

Slides from NERI Post Budget Seminar - October, 2016

Posted on October 25, 2016

Slides from the NERI Post Budget Seminar held in the INTO Learning Centre, 38 Parnell Square, Dublin 1 on Wednesday 19th October.  The presentations were delivered by Eamon Murphy, Social Justice Ireland, Dr Mary P Murphy, NUI Maynooth and Michael Taft, Unite the Union.

Above presentation by Eamon Murphy, Social Justice Ireland.

Above presentation by Dr Mary P Murphy, NUI Maynooth.

Above presentation by Michael Taft, Unite the Union

Permanent link | Categories: TaxationWages

The Summer of Big Numbers

Posted on September 15, 2016 by Tom Healy

Tom Healy, Director NERI - Tom Healy, Director NERI
Tom Healy, Director NERI

And what a summer it has been. It was the summer of the ‘big numbers’. There was €13 billion in claimed back tax from Apple. There was an undisclosed large sum of money possibly running into billions in relation to vulture fund tax avoidance planning (referred to as ‘Section 110’ tax).  The ultimate big number was €40 billion in GDP that we didn’t realise we had in 2015 but now have thanks to an extraordinary statistical revision made by the Central Statistics Office in June (compare here and there). Yet, the pre-budget debate has been dominated by much smaller numbers like the €1 billion in ‘fiscal space’ or the €100's of millions in debated spending or revenue measures in the draft Budget 2017 to be unveiled next month.

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Permanent link | Categories: Taxation

Slides from NERI Seminar on The Tax & Benefits System from a Lifetime Perspective

Posted on July 14, 2016 by Louisa Gavin

Barra Roantree presentation

Slides from yesterday's NERI Seminar on the Tax & Benefits System from a Lifetime Perspective delivered by Barra Roantree, IFS, London. 

Permanent link | Categories: Taxation

Fiscal Space: A Short Primer

Posted on June 23, 2016 by Tom McDonnell

Government Buildings - Budgeting for the future
Budgeting for the future

The parameters for Budget 2017 are set by the requirements of the preventive arm of the Stability and Growth Pact (SGP). The preventive arm is assessed under two main pillars. These are the Structural Balance Rule and the Expenditure Benchmark Rule.

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Permanent link | Categories: Government SpendingInvestmentMacroeconomicsTaxation

UK Budget 2016 - Ominous Revisions

Posted on March 16, 2016 by Paul Mac Flynn

Today's statement in the House of Commons marked George Osborne's eighth budget in just under six years as Chancellor. Whilst there were many eye-catching policies such as a tax on sugary drinks and reforms to ISAs, they could not distract from some major revisions to UK economic growth. The Office for Budget Responsibility cut their forecast of UK GDP growth in 2016/17 to 2%, down from 2.4% outlined last November. GDP forecasts are cut further by an average of 0.3% out to 2020, putting significant strain on the Chancellors commitments on the public finances.

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Permanent link | Categories: Government SpendingMacroeconomicsNorthern Ireland Taxation

Slides from Seminar on tax shifting and ‘harmful taxes’

Posted on March 10, 2016 by Louisa Gavin

P Sweeney NERI seminar

Click here for the slides from the NERI seminar delivered by Paul Sweeney (TASC) on 9th March 2016.

The seminar was based on a recent publication by the European Trade Union Institute (ETUI) which is available here external link .

Permanent link | Categories: Taxation

Fiscal Rules, Fiscal Space and Growth Friendly Fiscal Policies

Posted on February 12, 2016 by Tom McDonnell

Wealth25Sep

The reformed Stability and Growth Pact (SGP) and the creation of the Irish Fiscal Advisory Council (IFAC) have enhanced supervision of Irish fiscal policy and reduced the range of feasible fiscal stances an Irish government can promise or take. This new reality was brought into sharp focus with the recent debate about 'fiscal space'. The fiscal space represents the projected amount of additional resources available for public spending over a period of time.

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Permanent link | Categories: Government SpendingInvestmentMacroeconomicsTaxation

How Much Would a FTT Raise?

Posted on February 11, 2016 by Micheál Collins

FTT markets

This month’s NERI seminar featured a new research paper which examined the likely revenue yield for the Republic of Ireland from the implementation of a financial transactions tax (FTT).

In 2011 the European Commission outlined proposals for a Europe wide FTT. Since then the proposal has been pursued by ten countries under ‘enhanced cooperation’ procedures with plans evolving to introduce the tax during 2017/2018. To date Ireland has not signed up to adopting a FTT.

The European Commission proposal is for a tax of 0.1% (one-tenth of one per cent) on the trading of bonds and shares and 0.01% (one-hundredth of one per cent) on the value of derivative agreements.

The paper estimates the revenue that Ireland would collect from participating in the European FTT. It finds:

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Permanent link | Categories: Taxation

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