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National Budget

main terms associated with National Budget

TermDefinition
National Budget plan of future government income and expenditure for a period of time
Estimates money needed by each minister to run their department
Government borrowing requirement amount borrowed by government to fill shortfall between government revenue and government expenditure
Government Current Income regular income from taxation, profits from state companies, lottery receipts,
Government Capital Income once-off income such as EU grants or the sale of state companies
Government Current Expenditure regular day-to-day spending on wages to public sector, social welfare payments
Government Capital Expenditure long term spending on building new roads, new garda vehicles
Balanced Budget where planned income equals planned expenditure
Surplus Budget where planned income is greater than planned expenditure
Deficit Budget where planned income is less than planned expenditure
Tax revenue monies received from income tax (PAYE), VAT, customs duties, excise duties, DIRT
Debt Servicing interest and amount borrowed payments on the national debt
How to deal with a deficit? Borrow,increase taxes, E.U. funding, privatising a state body
What to do with a surplus? Reduce taxes, pay off loans, encourage enterprise, invest in new hospitals/schools
Minister of Finance Presents budget to Dáil
Who is interested in what the govt does? Consumer (VAT), employees (income tax), employer (PRSI, Corporation tax), Unemployed, pensioners, financial institutions (interest rate)
Created by: MsBradyJCBSTU
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