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IrelandNo income tax cuts for workers due to Brexit threat, warns Finance Minister Paschal Donohoe

19:00  11 september  2019
19:00  11 september  2019 Source:   independent.ie

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Minister for Finance Paschal Donohoe with Robert Watt (left) secretary general at the Department of Public Expenditure and Reform, and John Mr Donohoe indicated that tax cuts may have to be shelved if there was a no-deal Brexit . Such a scenario would also see the Government’s planned.

The submission comes as Minister for Finance Paschal Donohoe ruled out tax cuts in next month’s budget while confirming he would prepare the budget Nonetheless the chamber insisted the burden of income tax imposed on Irish workers was a major barrier to attracting talent and incentivising staff.

No income tax cuts for workers due to Brexit threat, warns Finance Minister Paschal Donohoe © Naoise Culhane Photography Finance Minister Paschal Donohoe. Photo: Naoise Culhane

INCOME tax cuts in next year’s budget have been ruled out by Finance Minister Paschal Donohoe.

In a break from tradition, Mr Donohoe has confirmed there will be no scope for changes to personal taxation a full month before Budget Day.

Ministers have agreed that the Budget will be prepared on the assumption that we are heading for a disorderly Brexit.

Across the board increases to pensions and other social welfare payments, as occurred in recent years, have also been ruled out.

Instead Mr Donohoe will look to make ‘targeted’ increases in areas affected by the fallout from Brexit.

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Minister for Finance : “If there is a disorderly Brexit there will be significant pressure placed on the A disorderly Brexit could result in a €6 billion hit to the exchequer, Minister for Finance Paschal Mr Donohoe also spoke about the high concentration of corporation tax receipts currently flowing into

Irish Finance Minister Paschal Donohoe walks outside Government Buildings in Dublin. "I ultimately do believe some kind of solution will have to be found" to make the burden of countries like Italy and Spain "sustainable over many generations," Donohoe told Newstalk radio.

No income tax cuts for workers due to Brexit threat, warns Finance Minister Paschal Donohoe © Catalyst Images LONDON, ENGLAND - AUGUST 06: Irish finance minister Paschal Donohoe arrives at number 11 Downing Street ahead of a meeting Chancellor of the Exchequer Sajid Javid on August 06, 2019 in London, England. (Photo by Leon Neal/Getty Images)

"Given the uncertainty and lack of clarity regarding the timing and format that the UK's exit will take, preparing for a no-deal scenario is the most sensible approach," Mr Donohoe said.

The Government expects to have €2.8bn extra available next year on foot of a growing economy.

However, €2.1bn of this has already been pre-committed to expenditure measures including public sector pay increases.

As a result Mr Donohoe will have €700m for new tax initiatives and spending increases.

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There will be no personal tax cuts in next month’s budget due to uncertainty around Brexit , the finance minister has said. Paschal Donohoe said that the budget would be safe, careful and based on the assumption that Britain will leave Finance minister to save money for impact of no-deal Brexit .

Minister for Finance Paschal Donohoe with Robert Watt (left) secretary general at the Department of Public Expenditure and Reform, and John Mr Donohoe indicated that tax cuts may have to be shelved if there was a no-deal Brexit . Such a scenario would also see the Government’s planned

No income tax cuts for workers due to Brexit threat, warns Finance Minister Paschal Donohoe © Catalyst Images Close-up view of unrecognizable man counting money. Horizontal composition. Studio shot. Image developed from RAW format.

Speaking after a Cabinet meeting, he said the majority of it would be used to “support parts of the economy” most impacted by Brexit.

These are likely to include the agriculture and tourism sectors.

Mr Donohoe said there is “a case” for reducing income tax on middle income workers in order offset the impact of Brexit, but “I’m not going to do that”.

He said money would be needed to deal with potential growth in unemployment.

No income tax cuts for workers due to Brexit threat, warns Finance Minister Paschal Donohoe © Catalyst Images Euro coins and banknotes

“A no-deal Brexit will have profound implications for Ireland on all levels. These include macroeconomic, trade and sectoral challenges, both immediately and in the longer term.

“A crucial policy response is to build up our capacity to respond to these challenges.

"This is why the Government is prioritising reducing public debt, establishing a Rainy Day Fund and avoiding pro-cyclical budgetary policies. While there are risks ahead there are also opportunities; our goal is to position our economy to minimise these risks and to maximise the opportunities that lie ahead,” the minister said.

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Minister for Finance Paschal Donohoe is taking ‘seriously’ Patrick Honohan’s warning about Corporation tax receipts have more than doubled since then. This has happened amid a huge We do not anticipate pay cuts or welfare cuts or income tax increases, or any of those things that people

Taoiseach Leo Varadkar has raised the prospect of some income tax cuts in the budget, just weeks after his Minister for Finance Paschal Donohoe appeared to rule out cuts due to concerns about Brexit .

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