Fantasy Budget
Finance Minister Michael Noonan and Irish Tax Institute President Bernard Doherty, with UCD students Ronan Ward and Siobhán Giggins, pictured at the launch of the Institute's third level Fantasy Budget competition.
Each December the Minister for Finance introduces a Budget aimed at improving the Irish economy and ensuring the taxation system is fair across all sections of society. Many interested groups, including the Irish Taxation Institute, make pre-Budget submissions to try to influence the outcome of the Budget.
Each November, in advance of the Minister’s Budget, the Irish Taxation Institute gives you and your fellow 3rd level students the opportunity to develop your own policy initiatives in our Fantasy Budget competition.
From under the shadow of the current uncertain economic climate can you use your knowledge, flair and innovation skills to deliver a Fantasy Budget? What new policy initiatives would you introduce to the Irish tax system to make it fairer, more effective and restore the attraction of living and working in Ireland?
Remember that most of the money the Government needs to spend on education, health, welfare, etc comes from the tax revenue it collects. Tax not only pays for these vital services but can also be used to try to influence people’s behaviour such as smoking, drinking or to protect the environment by taxing pollution. Without the tax system, the Government would be completely paralysed. Are they taxing the right areas at the moment? Are they applying the right tax rates? Should certain groups get special allowances/incentives?
Click here to view the Budget 2012: Third Level Fantasy Budget Competition brochure.
Judging
A panel of leading economists and business commentators act as judges for the competition, assessing the potential of your initiatives. The judges look for originality, sound reasoning and awareness of the likely impact of your proposals.
Prizes
Prizes for the winning team vary from year to year, but always include:
- Prizes for each member of the winning team
- TaxFind subscription worth €1,000 for your college or university library
- Publication of your submission on this website
Prizes are also on offer for second and third placed teams
Groups of third level students can enter this competition either on an independent basis or through their college or university.
Students, in groups of 3 or 4, should:
1. Set out up to five policy initiatives that you would like to see the Minister for Finance present.
2. Explain in detail why each proposal will benefit Ireland.
The submission must not exceed 2,000 words (including appendices). It is not necessary to supply costings, but your team may do so if they wish.
Email submissions to fantasybudget@taxinstitute.ie
Submission deadline is 10 November 2011.