Welfare cuts and tax rises included in Government's budgetary targets
The government has posted a document detailing the budgetary targets that need to be met by the end of the year in order to fulfil our end of the EU/IMF bailout deal.
Social Welfare cuts and measures aimed at raising money through taxes are top of the list.
This document on the Department of Finance website outlines how €3.6bn in savings must be made through various taxation measures and spending cuts in time for December's Budget.
In a bid to raise €1.5bn, income tax bands and credits will be lowered, there will be a decrease in private pension reliefs, a reduction in general tax expenditures and a property tax will be introduced.
The Government has also pledged to reform the Capital Gains and Acquisitions tax, and increase the Carbon tax.
Spending cuts of €2.1bn must be achieved through social expenditure reductions, a downsizing of the public sector workforce and the lowering of public service pensions.
The Government will also outline which State assets are to be sold off before the end of the year.
The publication of this document follows a call from the Central Bank yesterday for the coalition to reveal Budget details before December in a bid to remove public uncertainty and encourage spending.
Yesterday, the Central Bank lowered its forecast for growth for this year by 0.1% to 0.8%.
