McCreevy paves way for tax cuts in Budget

FINANCE Minister Charlie McCreevy is passing on an immensely healthy set of public finances to his successor, paving the way for tax cuts in Budget 2005.

The new minister, widely expected to be Brian Cowen, will finish out the year by borrowing possibly half the amount predicted in last year’s budget and have the scope to widen tax bands.

Figures show tax receipts are almost €1.5 billion ahead of target, but more than half of these extra funds are one-off payments from investigations by the Revenue Commissioners.