Revenue today published our Annual Report for 2016. The report itself contains a lot of interesting material on our activities and outputs last year. In addition, we have published research reports on Corporation Tax returns for 2015 and payments in 2016, the oil market in Ireland, our latest illicit tobacco survey results and a summary of lessons from the application of behavioural economics in Revenue. We have also updated our regular statistics on Local Property Tax.
[Post co-authored by Paul Kilgarriff and Tom McDermott]
This time last year Ireland was in the middle of its wettest winter on record [PDF]. A series of Atlantic Storms battered the country, beginning with Storm Desmond in early December, followed by Eva and Frank. Rainfall levels in some areas were up to 300% of normal levels. Extensive flooding around the country caused widespread damage – hundreds of homes and businesses were flooded, and thousands more were cut off by flood waters. In many places the floods did not recede until well into the new year.
Various impacts of the flooding are detailed in the recent report by the National Directorate for Fire and Emergency Management (NDFEM)[PDF]. Almost €1.8million in humanitarian assistance was paid out to affected households; close to €1m to farmers; local authorities received special funding of €18m for clean-up costs; while damage to the road network was estimated at over €100m. Aside from damages, the flooding also caused substantial disruptions to everyday life — 350,000 customers suffered disruptions to electricity supply, and 23,000 households were placed on boil water notices. The flooding also resulted in substantial travel disruptions – in particular as a result of flooding on the road network.
[Attention conservation notice: Rampant self-promotion]
Irish economy readers might be interested in this work. Together with colleagues at the Bank of England we’ve built a model of financial balances for the United Kingdom. The basic question we’re trying to answer is: how can large open economies deal with persistent imbalances now and into the future? This is the first model of its kind for the UK and something we hope to build on in the future. We summarise the findings in this Bank Underground blog.