Menu
03/12/2010
Capital Expenditure Gains 'Lost In HSE 'Pay-offs'
Exchequer returns have been published by the Department of Finance and are showing a large budget deficit.
The amount hit €13.3 billion at the end of November, but that deficit compares well to a budget deficit of €22.1 billion at the same time last year. However, the difference is largely accounted for by the major once-off payments made last year to the National Pensions Reserve Fund and the Anglo Irish Bank.
But, any improvement is set to be all but wiped out as expected savings in capital expenditure at year-end are likely to be largely offset by the costs associated with staff 'exit mechanisms' in the Health Service Executive, (HSE) where many have been offered cost-cutting early severance.
In fact, capital expenditure, at just under €4.4 billion at end-November is €1.3 billion or 23% below the corresponding period in 2009. It is €851 million or 16.3% below profile.
According to the Department of Finance, Thursday's figures show that taxes taken in by the Government are 4.1% below the same period last year.
A comprehensive Government statement said: "Tax receipts in the period to end-November amount to €29.5 billion.
"This is €470 million or 1.6% above profile. November is the largest month of the year for tax revenues and all tax-heads performed above expectations in the month.
"On a cumulative basis, all tax-heads with the exception of income tax are above target in the first eleven months.
"A corporation tax surplus of €589 million, combined with smaller surpluses in the other tax-heads, most notably excise duties and VAT, offset the income tax shortfall of €356 million.
"Income tax from the self-employed in the month of November performed better than expected although PAYE receipts came in below target," the official statement continued.
The figures also show that Government spending is down on last year by 4.2%
Total net voted expenditure at end-November 2010 is €40.8 billion, which is €1.8 billion or 4.2% below the same period in 2009.
Net voted current expenditure, at €36.4 billion is slightly below target (-€166 million or -0.5%) and is €495 million or 1.3% down year-on-year, despite the large anticipated increase in the current spending of the Department of Social Protection.
(BMcC/KMcA)
The amount hit €13.3 billion at the end of November, but that deficit compares well to a budget deficit of €22.1 billion at the same time last year. However, the difference is largely accounted for by the major once-off payments made last year to the National Pensions Reserve Fund and the Anglo Irish Bank.
But, any improvement is set to be all but wiped out as expected savings in capital expenditure at year-end are likely to be largely offset by the costs associated with staff 'exit mechanisms' in the Health Service Executive, (HSE) where many have been offered cost-cutting early severance.
In fact, capital expenditure, at just under €4.4 billion at end-November is €1.3 billion or 23% below the corresponding period in 2009. It is €851 million or 16.3% below profile.
According to the Department of Finance, Thursday's figures show that taxes taken in by the Government are 4.1% below the same period last year.
A comprehensive Government statement said: "Tax receipts in the period to end-November amount to €29.5 billion.
"This is €470 million or 1.6% above profile. November is the largest month of the year for tax revenues and all tax-heads performed above expectations in the month.
"On a cumulative basis, all tax-heads with the exception of income tax are above target in the first eleven months.
"A corporation tax surplus of €589 million, combined with smaller surpluses in the other tax-heads, most notably excise duties and VAT, offset the income tax shortfall of €356 million.
"Income tax from the self-employed in the month of November performed better than expected although PAYE receipts came in below target," the official statement continued.
The figures also show that Government spending is down on last year by 4.2%
Total net voted expenditure at end-November 2010 is €40.8 billion, which is €1.8 billion or 4.2% below the same period in 2009.
Net voted current expenditure, at €36.4 billion is slightly below target (-€166 million or -0.5%) and is €495 million or 1.3% down year-on-year, despite the large anticipated increase in the current spending of the Department of Social Protection.
(BMcC/KMcA)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
13 March 2006
CBI warns Brown of UK tax burden
The CBI has hit out at what it has labelled "stealth taxes" disguised as a 'tax avoidance' crackdown on businesses. The CBI warned today that the UK is losing its competitiveness as it slips down the international tax table, and that rising Government levies are stifling business investment.
CBI warns Brown of UK tax burden
The CBI has hit out at what it has labelled "stealth taxes" disguised as a 'tax avoidance' crackdown on businesses. The CBI warned today that the UK is losing its competitiveness as it slips down the international tax table, and that rising Government levies are stifling business investment.
15 April 2002
Economic growth should boost NHS not business tax increases
The head of the CBI has issued a stern reminder to UK Chancellor Gordon Brown that boosting economic growth can produce the long-term funding needed to improve public services.
Economic growth should boost NHS not business tax increases
The head of the CBI has issued a stern reminder to UK Chancellor Gordon Brown that boosting economic growth can produce the long-term funding needed to improve public services.
30 January 2012
NI Businesses Urged To Avail Of Free IT Solutions
Businesses in Northern Ireland have been encouraged to take advantage of the significant cost-savings on offer through incorporating aspects of over 475,000 free open source software projects into their IT processes.
NI Businesses Urged To Avail Of Free IT Solutions
Businesses in Northern Ireland have been encouraged to take advantage of the significant cost-savings on offer through incorporating aspects of over 475,000 free open source software projects into their IT processes.
31 August 2001
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
11 September 2012
Invest NI Helps NI Firms
Northern Ireland companies are being helped by Invest Northern Ireland to grasp the business opportunities from the projected growth in online sales over the next five years.
Invest NI Helps NI Firms
Northern Ireland companies are being helped by Invest Northern Ireland to grasp the business opportunities from the projected growth in online sales over the next five years.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
