The exchequer will post its first budget surplus in ten years after a 1 billion windfall in corporation tax was unveiled yesterday by Paschal Donohoe.
The finance minister is also set to announce a cut in the 4.75 per cent rate of the Universal Social Charge next week, helping about one million workers.
Mr Donohoe said that his department had received 1 billion more in corporation tax receipts than expected but the windfall could not be used to increase spending or cut taxes. It must be used to reduce the national debt, as it is a one-off source of revenue.
Unveiling the budget whit…
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