‘Carry-over’ tax haul to lessen budget pain

Amounts in new taxes needed in the budget may be €300m less than previously forecast due to a ‘carry-over’ in taxes collected this year, junior finance minister Brian Hayes said.

The amount needed in new taxes next year is expected to come to between €900m and €1bn, he said, as opposed to a previously forecast €1.25bn.

The reason is due to a full-year collection of measures such as increases in Vat and capital gains tax, the intake of which was delayed for 2012.