Government plans for tax cuts may have to be postponed due to the threat of a global trade war, the finance minister has said.

Minister for Public Expenditure Jack Chambers acknowledged Ireland was vulnerable to any tariffs

The plan had been put forward by the Department of Rural and Community Development to “foster a more philanthropic culture” amongst the wealthiest in Ireland

The State has cut its shareholding in AIB Group to 12.5 per cent

The Public Expenditure Minister has come under scrutiny from the opposition over the February 2022 meeting with the airline chief.

The Department of Finance estimated that to build 50,000 homes per year it would require €16.9 billion of private cash

The State is due to draw down the Apple back taxes from an escrow account over the next few months

The department said the buyback of around half a billion worth of shares would reduce the state’s stake in the bank to roughly 21 per cent.

Income tax receipts of €24.8 billion were ahead of last year by €1.6 billion (7.1 per cent), VAT revenues of €17.9 billion were up on last year by €1.2 billion (7.0 per cent) and corporation tax receipts of €17.8 billion are ahead of 2023 by €3.4 billion (23.3 per cent).

The biggest budget in the history of the State has been unveiled, the last before an upcoming General Election.

Ireland now has one of Europe's healthiest sets of public finances. But how does the Government spend the money?

John Conlon, of the Office of Public Works, told the Oireachtas Finance Committee the project included a significant mechanical and electrical system.

Minister for Finance Jack Chambers said the spending rule had ‘anchored fiscal discipline’ within the Government.

Jack Chambers, who was promoted into the ministerial role last month, said the budget will take place on October 1st.

Simon Harris was speaking at the National Economic Dialogue.

Minister for Finance Michael McGrath confirmed that measures will be introduced before the next budget

In a series of briefings, ministers were advised to say that while international sanctions were a “complex and dynamic area”, there had been no reported issues with enforcement in this country.

Michael McGrath said Nama had been ‘very effective’ in maximising value

The growth was largely driven by a growth in income tax, VAT and excise duties.

Growth in the domestic economy last year was far below what was expected by the Department of Finance

‘Are more jobs going to be lost than are gained? The answer is, nobody knows,’ the Government’s chief economist John McCarthy said.

The Minister for Finance said the State’s sovereign debt is in ‘a very manageable period’ but warned the risks cannot be ignored.

The decision will benefit more than 57,000 companies with tax outstanding since the Covid era.

It comes after the Cabinet approved the general scheme of the Access to Cash Bill which is designed to ensure continued availability of cash and ATMs.

In a pre-budget submission, the Department of Health said a balance need to be struck to discourage young people from vaping, while also supporting smokers who wish to quit

This was the fourth consecutive quarter of GDP decline, meaning that the Irish economy is technically in recession.

Ahead of Budget 2024, see how much you know about bygone budget days