(Boursier.com) – While in France, Michel Barnier is trying to prevent the reduction of the deficit by learning all the ways, Ireland is an exception in Europe. The Irish government presented to voters on Tuesday a plan of €10.5 billion in tax cuts and spending increases, while its budget surplus in 2024 will be around €9 billion (3% of GDP).

The Irish Ministry of Finance predicted on Tuesday that tax revenue would be €105.7 billion this year, driven mainly by corporate tax paid by multinationals (Amazon, Pfizer…). This year, Dublin also received a major bonus: 13 billion euros in tax arrears paid by Apple following a decision by the Court of Justice of the European Union (CJEU).

“Unique”

“Today's Budget is unique in providing an opportunity to plan, transform and implement the measures needed for the future,” Finance Minister Jack Chambers told parliament. The 10.5 billion euro plan announced on Tuesday includes income tax cuts, increases in social assistance and pensions, and increases in energy bills and rents. Thanks to the “gift” from Apple, the government also wants to invest in housing, energy networks and water supply systems.

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However, the head of the Irish central bank, Gabriel Makhlouf, warned the government in June that it must respect a rule limiting overall annual spending increases to 5%.

Election calendar

Jack Chambers has admitted that this budget is extraordinary, and it does not prevent the government from this financial collapse. Prime Minister Simon Harris (centre-right Fine Gael Party) is due to hold an election in March, but most observers believe the meeting will be brought to November as the current team wants to take advantage of recent announcements to renew.