Department of Finance lays out initial Budget 2014 plans

The Department of Finance has sent out its first document detailing the parameters of Budget 2014 to other Government departments, according to Minister for Finance, Michael Noonan.
 
Noonan revealed the initial document is the first step in what is likely to be lengthy discussions with Cabinet colleagues about the Budget.
 
Suggestions from Minister for Social Protection, Joan Burton that Family Income Supplement could be reduce if there was a higher minimum wage were neither confirmed nor denied by Noonan.
 
Taoiseach Enda Kenny was questioned about the potential for an income tax cut in the upcoming Budget at a press conference alongside Japanese prime minister, Shinzo Abe, insisting the matter had not yet been discussed at Cabinet level.
 
Mr Kenny said the Ministers for Finance and Public Expenditure and Reform "will bring a joint memo to government on the strategy in regard to the Budget ... I don’t expect that the detail of the Budget will be entered into at this stage."
 
"Matters for the Budget will of course be discussed by the Cabinet in due course," he added.
 
"Let me say that it is part of our Programme for Government that there would not be any increase in income tax.

"We believe this is fundamental in the context of the creation of jobs, not to put obstacles in the way of jobs being created."
 
Speculation regarding the future ownership of Ulster Bank prompted Mr Noonan to discuss the state of play, as the British Government reviews its options for Ulster Bank’s parent, RBS.
 
Noonan confirmed that the Ulster Bank did not come up in conversations on banking he held with British Chancellor, George Osborne earlier this month.
 
In addition, Noonan eased fears that the G8’s decision last week in relation to taxation would impact badly on Ireland.
 
He said the key issue was some companies were not tax residents in any country. The companies that were tax residents in Ireland were paying tax in Ireland.
 
The "misleading" interpretation of Ireland’s tax levels was based on profits generated outside the country being incorrectly attributed to it.

Date published 5 Jul 2013 | Last updated 26 Jun 2013