The Government has announced a new timeframe for the Budget and Finance Bill for 2014 and subsequent years.
Under new EU requirements, all countries must publish a draft budget for central government by 15 October each year, with final publication to occur by 31 December each year. In light of these requirements, Budget Day has been brought forward and Budget 2014 will now be announced on Tuesday 15 October 2013.
The Government has also decided to change the timeline of the Finance Bill 2014. While the date of publication is not yet known, it has been confirmed by the Minister for Finance that the Finance Bill should complete its passage through the Oireachtas (Irish Parliament) by 31 December each year. At present, the requirement is that the Finance Bill must be enacted within 120 days of the Budget. Under the new regime, the Finance Bill will have to be passed 65 to 70 days after the Budget.