Ireland could post a wider budget deficit this year than its worst-case scenario of 10% of GDP, even if it fully succeeds in reopening the economy, Finance Minister Paschal Donohoe told Reuters on Thursday.
FILE PHOTO: Irish Finance Minister Paschal Donohoe walks outside Government Buildings in Dublin, Ireland October 8, 2019. REUTERS/Lorraine O'Sullivan/File Photo
“If we are completely successful in implementing our plan, it definitely reduces the chances of us going beyond the 30 billion threshold, but there is still risk there,” Donohoe said in a telephone interview from the spare room in his Dublin home where he works when he can in line with public health advice.
Donohoe said it is very possible the number of firms on the state’s wage subsidy scheme will keep rising, including dormant ones that may use it to reopen. The number of subsidised workers would only likely surpass those claiming a new jobless payment by stage four or five of the reopening plan, he added.
Another threat to future Irish tax revenues - a rewriting of international corporate tax rules - is currently being debated by the members of the Organisation for Economic Cooperation and Development .
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