Written Answers Nos 61-80
61. Deputy Niall Collins asked the Tánaiste and Minister for Jobs, Enterprise and Innovation the number of members of each regional action plan implementation committee, by region, in tabular form; the gender breakdown; when each committee was first established; and the number of meetings held to date in 2017 and projected for the year. [31966/17]
View answerThe information sought by the Deputy is set out in the following table:
|
Implementation Committee |
Mid-East |
Midlands |
Mid-West |
North East |
North West |
West |
South West |
South East |
Dublin |
|
Total number of members |
32 |
36 |
35 |
35 |
38 |
40 |
39 |
56 |
35 |
|
Female members |
14 |
11 |
15 |
8 |
7 |
11 |
18 |
16 |
10 |
|
Male members |
18 |
25 |
20 |
27 |
31 |
29 |
21 |
40 |
25 |
|
Established (date of first meeting) |
15 July 2016 |
2 March 2016 |
9 March 2016 |
25 April 2016 |
25 April 2016 |
18 April 2016 |
15 December 2015 |
26 November 2015 |
19 September 2016 |
|
Meetings held in 2017 |
0 |
1 |
0 |
1 |
1 |
1 |
0 |
1 |
2 |
|
Meetings projected until end 2017 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
Delivery of each Regional Action Plan is being overseen by an Implementation Committee, with membership drawn from industry, local authorities, Enterprise Agencies, education sector and other key stakeholders and agencies. Regional Implementation Committees meet approximately every six months to review and report on progress on the delivery of the actions in the Action Plan for Jobs for their respective region. Some of the Regional Committees have established smaller Sectoral Working Groups tasked with identifying and developing new actions to be added to the Action Plan as they emerge over the lifetime of the Plan.
Note:
At its meeting in September, 2016, the North East/North West Implementation Committee decided for practical reasons to divide the region into two formations– North East and North West – each with its own committee driving the actions. The North East and North West Committees held their first meeting under the new formations in January and February, 2017 respectively.
62. Deputy Niall Collins asked the Tánaiste and Minister for Jobs, Enterprise and Innovation the European Union free trade agreements entered into since 2000 that have included dispute settlement mechanism based on the WTO dispute settlement mechanism in tabular form. [31967/17]
View answer63. Deputy Niall Collins asked the Tánaiste and Minister for Jobs, Enterprise and Innovation the European Union free trade agreements entered into since 2009 which include investor to state dispute settlement mechanisms in trade and investment agreements in tabular form. [31968/17]
View answer64. Deputy Niall Collins asked the Tánaiste and Minister for Jobs, Enterprise and Innovation the number of bilateral trade agreements entered into by EU member states since the late 1960s which contain provisions to protect investments and investor to state dispute settlement. [31969/17]
View answerI propose to take Questions Nos. 62 to 64, inclusive, together.
A key feature of regional trade agreements, which comprise of customs unions, free trade agreements (“FTAs”), economic partnership agreements (“EPAs”), and bilateral investment treaties (“BITs”) is the provision for the settlement of disputes between the state parties concerning the interpretation and application of the agreements’ provisions.
Since the late 1960s, over 1400 bilateral investment agreements, or BITs, have been entered into by EU Member States which have contained provisions to protect investments.
The European Union has included dispute settlement mechanisms based on the WTO dispute settlement mechanism in all of its Trade Agreements since 2000. The Free Trade Agreements which have concluded with the provisions are as follows:
|
Free Trade Agreement |
Conclusion of Negotiations |
Signed |
Date of Provisional Application/Date in force |
|
South Korea |
2009 |
2010 |
2011/2015 |
|
Columbia Peru |
2010 |
2012 |
2013 |
|
Ecuador* |
2014 |
2016 |
2017 |
|
Canada |
2014 |
2016 |
Pending |
|
Singapore |
2014 |
Pending |
Pending |
|
Vietnam |
2016 |
Pending |
Pending |
|
Japan |
Pending |
Pending |
Pending |
*Ecuador joined the EU-Columbia/Peru Free Trade Agreement on 11 November 2016. The talks for a Trade Agreement were launched in January 2009 between the EU and Colombia, Ecuador and Peru. In July 2009, Ecuador suspended its participation in the talks. Negotiations for an EU-Colombia/Peru Free Trade Agreement were concluded in March 2010, with the Agreement being provisionally applied as of March 2013 with Peru and August 2013 with Colombia. In January 2014 Ecuador formally resumed negotiations, and these concluded in July 2014.
Since 2009 the European Union has also included dispute settlement mechanisms for investment disputes in free trade agreements. These agreements are as follows;
|
Free Trade Agreement |
Conclusion of Negotiations |
Signed |
Date of Provisional Application/Date in force |
|
Canada |
2014 |
2016 |
Pending |
|
Singapore |
2014 |
Pending |
Pending |
|
Vietnam |
2016 |
Pending |
Pending |
|
Japan |
Pending |
Pending |
Pending |
In late 2015, the Commission proposed a new approach to investment protection based on an international Investment Court System (ICS), to replace the historic Investor State Dispute Settlement system. The new system is an independent investment court system, consisting of a permanent tribunal and an appeal tribunal competent to review decisions of the tribunal. Dispute settlement proceedings will be conducted in a transparent and impartial manner. Provisions for the application of such a system have been included in more recent FTAs.
The ultimate aim of the European Commission is to establish a multilateral court, modelled on arbitrator panels currently operating under the WTO, and other Investment Tribunals. It will build on the EU's approach on its bilateral FTAs and be a major departure from the system of investor-to-State dispute settlement (ISDS) based on ad hoc commercial arbitration. The recently concluded EU-Canada trade agreement (CETA) and the EU-Vietnam trade agreement both contain a reference to the establishment of a permanent multilateral investment court. Work continues at EU level on this matter.
65. Deputy Róisín Shortall asked the Tánaiste and Minister for Jobs, Enterprise and Innovation if she has satisfied herself that there is diversity and competition within the waste collection market; the examination which the Competition and Consumer Protection Commission has carried out in respect of waste companies; the basis on which it can be established that there are no restrictive practices in operation in view of the fact that all companies operating in the market are registered off shore for tax purposes; and if she will make a statement on the matter. [32018/17]
View answerThe Competition and Consumer Protection Commission (CCPC) is the statutory independent body responsible for the enforcement of domestic and EU competition law in the State. Section 9 (5) of the Competition and Consumer Protection Act 2014 provides that the CCPC is independent in the performance of its functions. I, as Minister for Jobs, Enterprise and Innovation, have no direct function in such matters.
I am informed that the CCPC has engaged extensively both with the sector and with the Department of Communications, Climate Action and the Environment on its concerns regarding compliance with both competition and consumer protection legislation. I understand that the CCPC has formed these concerns based on a significant amount of contacts from consumers and anecdotal evidence. In particular, the CCPC has concerns about the extent of competition in some areas, where consumers have little, if any, choice of waste collector. Specifically with regard to anti-competitive behaviour, a number of allegations have been received but with insufficient evidence to merit the CCPC opening formal investigations.
The CCPC is being asked to report on the operation of the household waste collection market in order to inform the future development of national waste management policy before the end of 2017, which will provide an evidence base to establish a regulator to prevent price gouging.
Issues relating to the tax status of waste collection companies do not come within the statutory remit of the CCPC.
66. Deputy Bernard J. Durkan asked the Tánaiste and Minister for Jobs, Enterprise and Innovation the most appropriate action available to a person (details supplied) that is of the view that they were unfairly dismissed; and if she will make a statement on the matter. [32031/17]
View answerWith effect from 1 October 2015, the activities of the Labour Relations Commission, the National Employment Rights Authority, the Equality Tribunal and the first instance functions of the Employment Appeals Tribunal and the Labour Court were merged into a new Body of First Instance, known as the Workplace Relations Commission (WRC). From 1 October 2015, all complaints fall to be referred to the Workplace Relations Commission in the first instance, and, on appeal, to the Labour Court.
The WRC’s core services include the provision of early resolution, mediation, conciliation, facilitation and advisory services, adjudication on employment and equality complaints, the monitoring of employment conditions to ensure the compliance and enforcement of employment rights legislation, the provision of information, and the processing of employment agency and protection of young persons (employment) licences.
Complaints under the Unfair Dismissals Acts may be referred within six months of the dismissal, or if the Adjudicator is satisfied that there were exceptional circumstances, within twelve months of the dismissal. The relevant on-line complaint form is available from the WRC’s website at www.workplacerelations.ie. A decision of an Adjudicator may be appealed by either party to the Labour Court within six weeks of the decision.
The WRC provides an information service providing information regarding employment rights obligations for employers and employment rights entitlements for employees. An information booklet on the Unfair Dismissals Acts is available on request from the WRC or can be downloaded from the website. The WRC can be contacted at lo-call 1890 80 80 90 or 059 917 8990. The phone service opening hours are 9:30am to 5pm Monday to Friday.
67. Deputy Michael McGrath asked the Minister for Finance the position regarding regulated entities sending unsolicited messages to firms and persons here and abroad regarding loan products they have; and if he will make a statement on the matter. [31862/17]
View answerI have been advised by the Central Bank that regulated entities providing financial services in Ireland are required to comply with the Consumer Protection Code 2012 (the Code).
The Code applies to financial services providers authorised, registered or licensed by the Central Bank; and financial services providers authorised, registered or licensed in another EU or EEA Member State when providing services in this State on a branch or cross-border basis.
Provisions 3.37 – 3.45 in Chapter 3 of the Code relate to personal visits and telephone contact with consumers.
In relation to telephone contact, there are prescribed circumstances where telephone contact can be made and the Code distinguishes between existing customers of the firm and other consumers, including that the consumer has given their consent to being contacted in this way. Telephone contact can only be made between 9am and 9pm Monday to Saturday, unless otherwise agreed with the consumer. The definition of "consumer" includes SMEs with a turnover of less than €3 million. I understand that the Central Bank would not consider that a firm which sends a text message to a consumer outside of these hours would be in violation of this provision.
It should be noted that the obligation on a regulated entity to meet the requirements set out in Provisions 3.40 to 3.45 is without prejudice to any other obligations a regulated entity is subject to, including without limitation, under the Data Protection legislation and as stipulated in the European Communities (Electronic Communications Network and Services) (Privacy and Electronic Communication) Regulations 2011 (S.I. 336 of 2011). Regulation 13 of S.I. 336 of 2011 deals with unsolicited communications. Policy responsibility for this area lies with my colleague, the Minister for Communications, Climate Action and Environment.
68. Deputy Pearse Doherty asked the Minister for Finance the cost of allowing the use of section 110 tax status by those involved in the business of loan origination (details supplied); and his plans with regard to stopping these businesses operating in a tax neutral manner. [31930/17]
View answerSection 110 of the Taxes Consolidation Act 1997 sets out the Irish regime for the taxation of special purpose companies set up to securitise assets. The tax provisions are intended to create a tax neutral regime for securitisation and structured finance purposes.
If the loan origination company is a qualifying company (within the meaning of section 110 TCA 1997) then it would be able to operate in a direct tax neutral manner in Ireland. There are a number of non-bank lenders currently active in the Irish market. These lenders are seen as an important alternative source of credit to Irish businesses which is why it was provided that they would not be impacted by the introduction of the new subsection (5A) to section 110 Taxes Consolidation Act 1997, as passed in the 2016 Finance Act.
It should be noted that it is also possible for an Irish resident company carrying on a loan origination business to achieve near tax neutrality under the normal corporation tax rules. Equally, if the investment bank that was based in a country with which we have a double tax agreement (and which taxes interest received from non-residents), lent directly to its Irish customers, then no Irish tax would arise on those profits. For a non-resident lender to achieve Irish tax neutrality there is an administration burden placed on the Irish borrowers.
The main benefits of using a section 110 company are therefore the certainty which the lenders have in relation to the tax treatment available; in addition Irish borrowers would experience an increased administrative burden if a non-resident lender is used rather than a section 110 company.
I am advised by Revenue that there is no loss to the Exchequer from allowing section 110 companies carry out loan originations in a tax neutral manner.
69. Deputy Pearse Doherty asked the Minister for Finance if the sale of a bank's (details supplied) shares could be used for anything other than the reduction of debt such as an instalment in the rainy day fund; and if he will make a statement on the matter. [31956/17]
View answerAny proceeds from a sale of shares held in a bank by the State would not result in a beneficial impact to the General Government Balance (GGB) under the European System of Accounts 2010 (ESA 2010) framework. This is due to the fact that it such transactions are classified as a 'financial transaction' whereby it is essentially the exchange of one form of asset (shares, equities, loans) for another kind (cash). Consequently, any such sale would not count as general government revenue. Accordingly, if any such proceeds are used for general government expenditure at any time, the general government balance will worsen.
In the first instance, the proceeds would go to the Ireland Strategic Investment Fund (ISIF). Such proceeds can then be transferred on to the Exchequer if the Minister for Finance so directs. If the money were to remain with the ISIF then it could be used as part of the ISIF's investment portfolio and must adhere to the ISIF’s double bottom line mandate of a commercial return and economic impact. The requirement to achieve a commercial return ensure that the investment does not impact the general government balance.
If the proceeds are lodged to the Exchequer, then the NTMA will, in the normal course of events, take them into account in their funding plans and, all things being equal, it would result in Ireland’s Exchequer borrowing requirement reducing and, consequently, Ireland’s gross debt and debt to GDP ratio being reduced.
A lower level of debt is not only beneficial in terms of the fiscal sustainability of the State but would also result in reduced interest payments in future years. The strategy of reducing the national debt is consistent with the Government policy of repaying the borrowing previously undertaken to finance the recapitalisation of the banking sector during the financial crisis. It is my view, therefore, that because public indebtedness rose partly due to the recapitalisation of the Banks, it is appropriate to use one-off revenue from divesting the State of its banking assets to reduce debt
The rainy day fund is currently under review and further information will be provided in the Summer Economic Statement (SES) to be published shortly. The possibility of lodging the proceeds of a sale to a rainy day fund, as suggested by the Deputy, would depend on the legislation establishing the fund.
70. Deputy Michael McGrath asked the Minister for Finance the status of investments that the Ireland Strategic Investment Fund is party to that use the section 110 tax structure; his plans to review such investments; and if he will make a statement on the matter. [31971/17]
View answerThe NTMA has advised me that a fundamental aspect of the Ireland Strategic Investment Fund’s (the “Fund”) mandate is, as a commercial investor on behalf of the State, to act as a catalyst for co-investment in the Irish economy from private sector capital. Accordingly the Fund structures its investments in a commercial manner and it is essential that it do so if it is to be successful in attracting investment into Ireland.
In that context the Fund is party to six investments which involve Section 110 tax structures. These are fully consistent with the purpose of the Fund and support a range of investments, principally in housing and also in the SME, Agri and Real Estate sectors. The investments were made in the period since 2013 and are active in the market place.
These investments are also consistent with the original purposes of the Section 110 securitisation regime which was introduced to encourage securitisation and other forms of financial activity in Ireland and has helped job creation and investment in the Irish financial services sector for many years.
The changes made to Section 110 in the Finance Act 2016 relate to specific uses of the Section which are not a feature of or relevant to the Fund’s investments. The independent managers of these investments have confirmed that there is no additional tax liability arising from the legislative changes to Section 110 in the Finance Act 2016 for any of the investors in these investments.
71. Deputy Michael McGrath asked the Minister for Finance if his Department and the Revenue Commissioners have reached conclusions as to whether the cost of the USC reductions in budget 2017 were underestimated; and if he will make a statement on the matter. [31972/17]
View answerThe position is that officials from my Department and the Revenue Commissioners have been reviewing the USC performance. As part of the review, my Department and Revenue have re-examined the Budget 2017 USC costings, and are satisfied that the costings are as accurate as possible given the complexities involved in forecasting.
Furthermore, as part of the continuous efforts to improve the Department’s tax forecasting performance, the ESRI and my Department jointly examined the sensitivity of income tax and USC revenues to changes in income. As a result of this work, which was published in March 2017, the Department has revised the income tax and USC revenue elasticities used in the forecasting process. These new elasticities were used in the forecasts for 2018 and subsequent years in the 2017 Stability Programme Update published in April. However, it should be noted that a “back-casting” using the revised elasticities would imply a lower USC forecast for this year.
72. Deputy Michael McGrath asked the Minister for Finance the details of the tax relief at source deducted from the interest refunds banks are making to certain customers as a result of the Central Bank tracker mortgage examination by bank; and if he will make a statement on the matter. [31974/17]
View answerRevenue administers mortgage interest relief in accordance with Section 244 of the Taxes Consolidation Act 1997. The level of relief applied by lenders to each case is based on the applicable ceiling, the rate of relief allowable and the percentage of the loan that qualifies for the relief. The information required by the lenders to ensure that the correct level of relief is applied is provided by Revenue through an electronic file transfer system that operates on a monthly basis.
Revenue is currently in discussions with the lenders to quantify the full amount of excess mortgage interest relief to be repaid on foot of the tracker mortgage redress examination. The process requires the lenders to deal directly with Revenue in regard to the findings and refund any excess amounts that were paid to borrowers.
While the exact amount is not yet fully quantified, €2.8m has already been repaid to Revenue by the lenders and it is expected that the remaining amounts will be recovered. Revenue is constrained from providing breakdowns in respect of the individual lenders by Section 851A of the Taxes Consolidation Act 1997.
73. Deputy Michael McGrath asked the Minister for Finance the details of each investment that has been announced for Ireland in the financial services area since the Brexit vote in June 2016 involving the transfer of operations from the City of London; and if he will make a statement on the matter. [31975/17]
View answerContingency planning for Brexit has been ongoing at all levels of Government well in advance of the UK EU referendum in June 2016. Ireland has a successful track record of competing for, and winning, global foreign direct investment. One of the key pillars of that success is the growth of the International Financial Services (IFS) sector, in particular over the past 30 years. Ireland is now recognised internationally as a leading global centre for internationally traded financial services.
In March 2015, the Government launched the lFS2020 Strategy, a whole-of-government approach to further driving the growth and development of the IFS sector in Ireland. Implementation of the IFS2020 Strategy and the annual Action Plans is driven by a public sector High Level Implementation Committee (HLIC). The Minister of State for Financial Services chairs quarterly meetings of the IFS2020 Joint Committee, comprising of members of the public sector HLIC and senior IFS industry representatives. Brexit is a standing agenda item at these quarterly meetings.
The Government is keen to maximise on opportunities that arise from Brexit where possible. The IFS2020 Strategy, the long-term vision for international financial services, was developed and put in place long before the UK decision to leave the EU. However, it provides a clear framework to maximise any opportunities that might arise from that decision particularly through the annual Action Plans. The annual Action Plans enable a tailored response to deal with these challenges and opportunities as they arise. The IFS2020 Strategy combines long-term strategic thinking with the flexible tools to react to any domestic and international developments occurring over the period.
In January the IFS2020 Action Plan for 2017 was launched, the Action Plan has two sections, the first is a contextual piece in respect of Brexit, and the second section outlines the 40 specific measures to be actioned under the plan and the lead government departments, agencies or industry bodies who lead on each measure.
Also in January, the second annual European Financial Forum was held in Dublin Castle. The forum, which was hosted by the then Minister of State Eoghan Murphy TD is designed to showcase Ireland's financial services offering to an international audience and highlight the Government's commitment to the development of international financial services in Ireland.
The former Minister of State for Financial Services has undertaken a significant number of overseas visits to promote Ireland as a destination for financial services investment and launch the IFS Ireland banner brand.
The IFS2020 strategy is on track to meet and possibly exceed its job target of 10,000 by 2020. The first 2 years of the government's IFS 2020 strategy has seen consecutive years of net job gains consisting of approximately 2,500 net job gains in 2015 and 2,000 in 2016.
While some companies have chosen their preferred post Brexit location many others have yet to make a final decision on their post Brexit strategy and associated location choice. It is anticipated that many of these companies, particularly the large more complex entities requiring extended regulatory lead times will make their decision in the coming weeks and months.
It is difficult to specify the potential outcome of these companies’ deliberations as all are closely monitoring the ongoing UK-EU Brexit discussions and with view to assessing the impact on their respective operations in the UK and across the EU.
Various state actors including IDA Ireland, the Department of Finance and the Central Bank of Ireland as a regulator are involved in detailed discussions with numerous companies positioning Ireland as their preferred Brexit location
Over a dozen firms have indicated that Ireland is their preferred choice for their post Brexit operations. In respect of relocations not every firm will want to make the relocation decision public for commercial and other reasons. The State continues to engage with a substantial number of other firms who have yet to make their final decision.
We have a very strong offering and we've done extensive work to promote that offering. We are aware that not every decision will go our way. There will be an ebb and flow to this, and the flow to Ireland will be strong from decisions that have already been made in our favour. Despite the many advantages that Ireland can offer firms moving operations from the UK to Ireland because of Brexit other factors could also determine their final relocation choices.
74. Deputy Michael McGrath asked the Minister for Finance the estimated full year cost of introducing a zero rate of VAT for the construction of new residential homes; and if he will make a statement on the matter. [31976/17]
View answer75. Deputy Michael McGrath asked the Minister for Finance the estimated full year cost of introducing a 9% rate of VAT for the construction of new residential homes; and if he will make a statement on the matter. [31977/17]
View answerI propose to take Questions Nos. 74 and 75 together.
I am advised by the Revenue Commissioners that the VAT rating of goods and services is subject to EU VAT law, with which Irish VAT law must comply. Under the EU VAT Directive 2006/112/EC it is not possible to introduce a zero rate of VAT on any good or service that had not already applied at the zero rate of VAT on and from 1 January 1991. As the services of construction of residential property was not zero-rated for VAT purposes in Ireland on and from that date, the zero rate cannot now be applied the service.
With regard to the application of the 9% VAT rate, it is tentatively estimated that introducing a 9% VAT rate specific to residential construction could cost in the region of €240m. This is based on an extrapolation from a number of data sources, including residential completions, residential construction projects under current development and the average selling price of new residential homes.
76. Deputy Michael McGrath asked the Minister for Finance when he expects the independent assessment on corporation tax to be completed and published; and if he will make a statement on the matter. [31979/17]
View answerIn September last year, the Government decided to arrange for a review of Ireland’s corporation tax code by an independent expert, Mr Seamus Coffey. The decision was taken with a view to ensuring that Ireland’s corporation tax code meets the new international tax standards while remaining competitive in a growing economy.
On 30 June 2017, Mr Coffey submitted a ‘Review of Ireland’s Corporation Tax Code,' which I am now considering carefully before deciding on the appropriate next steps.
77. Deputy Michael McGrath asked the Minister for Finance if he will provide an update for the second quarter of the insurance working group's action plan on the rising cost of motor insurance; the second quarter actions that have yet to be completed; and if he will make a statement on the matter. [31980/17]
View answerThere is a commitment within the Report on the Cost of Motor Insurance that the Working Group will prepare quarterly updates on the progress of the implementation of the recommendations and the first such update was published in early May. That update provides details on how the implementation of the recommendations is progressing, with a particular focus on the ten action points which were due for completion during the first quarter.
My Department will publish the second quarterly update shortly. As with the first quarterly update, this will again show the progress to date on the overall implementation of the recommendations, but this time with a particular focus on the 17 action points which were due for completion during the second quarter of 2017.
My officials are currently in the process of collating all of the relevant updates from the individual relevant Government Departments and Agencies in order to compile the full quarterly report and, therefore, I am not in a position at this stage to provide the Deputy with the information he has sought in respect of Q2 actions which have yet to be completed. It should be noted that the number of actions scheduled for completion in Q2 is higher than that due in any other quarter while, in addition, substantial work has also been undertaken in respect of a number of the other 44 actions, including all eight which are classified as “ongoing” in the Action Plan.
78. Deputy Michael McGrath asked the Minister for Finance when the Tax Strategy Group will publish its papers on different tax headings here; the different areas of tax to be covered in the papers; and if he will make a statement on the matter. [31981/17]
View answerPreparatory work in relation to the Tax Strategy Group for 2017 is close to completion. A number of topics have been advanced and the agenda will be finalised shortly. It is envisaged however, that the following Papers will be included: Income Tax and USC, General Excises, PRSI, Social Protection Package, Capital Taxes/Exit Tax/DIRT, Corporation Tax, VAT and Climate and Environmental Taxes. Other topics for discussion / review may be included also.
It is my intention that, as last year, publication of the Papers on my Department’s website will take place shortly after the meeting and I would expect this to happen before the end of July.
79. Deputy Michael McGrath asked the Minister for Finance when he expects the tax ready reckoner to be published; and if he will make a statement on the matter. [31982/17]
View answerI am advised by the Revenue Commissioners that a Ready Reckoner is currently published on the Revenue website (http://www.revenue.ie/en/corporate/information-about-revenue/statistics/ready-reckoner/index.aspx). This Ready Reckoner is prepared on a post-Budget 2017 basis. I am informed that Revenue expect to publish a pre-Budget 2018 basis Ready Reckoner later in July, which would be around a month earlier than in 2016.
80. Deputy Michael McGrath asked the Minister for Finance when he plans to publish the summer economic statement 2017; and if he will make a statement on the matter. [31988/17]
View answerThe Summer Economic Statement (SES) is a key element of the reformed budgetary process which complements the Stability Programme Update. While the macroeconomic outlook will be as set out in the Stability Programme Update, the SES will provide an updated assessment of the fiscal space available for 2018. It will also outline the key elements of the Government’s economic strategy.
The SES is expected to be published in mid-July.
