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WRITTEN QUESTION TO THE CHIEF MINISTER
BY DEPUTY J.A.N. LE FONDRÉ OF ST. LAWRENCE ANSWER TO BE TABLED ON TUESDAY 9th SEPTEMBER 2014
Question
When was the Council of Ministers formally informed of the significant change in the income forecasts as compared to those included in the Medium Term Financial Plan?
Answer
The Council of Ministers were informed of the revised income tax forecasts at their meeting on 11th June 2014. The Treasurer advised that the income tax department was undertaking further work with agents to assess whether or not any more income was likely to be generated and to check that all returns had been made.
On 30th June 2014 the income tax department confirmed the revised estimate, having completed further enquiries with industry.
The Treasury then set about preparing contingency measures to address the reduced income stream. These were presented to the Council of Ministers at their meeting on 11th July 2014. Ministers accepted the proposed measures, which have been incorporated into draft Budget 2015.