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(P) Budgeting - The National Budget (Planning the National Budget (Planned…
(P) Budgeting - The National Budget
Government and the economy
Ireland has a mix economy
Government
Private business
Governments role
Why the government provides services
Some services require a lot of investment
Examples
Electricity generating station
Some things are non-profitable and ordinary people won't provided
Examples
Larnród Eireann
Bus Éireann
Some services are to important for private individuals
Examples
An Garda Síochána
The Army
What services do they provide
Public utilities
Examples
Roads
Airports
Postal sevices
Electricity
Education
Housing
Healthcare
Transport
How the government provide services
Through different government section
Local governments
Semi-state bodies
Lots of government service will be provided by private business in the furture
Planning the National Budget
Each government department submits planned spending to the minster of finance
The minster examines the estimates a calculates the buget
Minster of finance plans the budget
Planned spending
Current
Taxation
Income tax paid by workers
VAT paid by consumers of goods and services
Corporate tax paid by business
Custom duties on imported goods from outside the EU
Excise duties on goods such as such as drink and cigarettes
Vehicle registration taxes (VRT)
Deposit Interest Retention Tax (DIRT)
Other Income
European Union (EU) receipts
Charges by semi-state bodies
Capitol
Proceeds from state-owned bodies sales
Types of Budget
Surplus
Planed income > planned expenditure
Blanced
Planed income = planned expenditure
Deficit
Planned income < planned expenditure