![]() One of these is a large repayment of income tax which shortly has to be made the other is the loss to the Exchequer of a month's income tax revenue from the Pay As You Earn scheme. We did this because we knew the revenue would suffer this year from two exceptional and non-recurring incidents. The surplus would have been doubled if we had not deliberately added to the revenue reserve. It reduced the borrowing that had to be incurred last year and it leaves us better able to meet the heavy capital expenditure facing us in the year ahead. Following immediately on the surplus for 1958-59, it is a welcome confirmation of the soundness of our budgetary policy. It was not spectacular, considering the size of the Current Budget, but it was the largest in over 20 years. The year 1959-60 ended with a surplus of £1.2 million. ![]() ![]() Appearing before an Oireachtas committee.
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