Budget 2012 Ireland
The 2012 Budget – which will be announced in early December 2011 – is still a few months away – but what can we expect ?
Many of the draft Budget 2012 plans were agreed with the IMF by the last government as part of the Memorandum of Understanding .
The overall aim of Budget 2012 will be to further reduce the general government deficit in line with the National Recovery Plan with consolidation measures amounting to at least €3.6bn.
Budget 2012 Measures are expected to include :
Increased Revenue of about 1.5 Billion Euro: –
– A lowering of personal income tax bands and credits.
– A reduction in private pension tax reliefs.
– A reduction in general tax expenditures.
– A property tax.
– A reform of capital gains tax and acquisitions tax.
– An increase in the carbon tax.
Spending reductions in the region of 2.1 Billion Euro : –
– Social expenditure reductions.
– Reduction of public service numbers and public service pension adjustments.
The details will make interesting – if not depressing reading when they are revealed.