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The Irish government has a budget surplus for the first time in many years. As they have extra money, the government may consider paying of EU loans.

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Sometimes the government may have to get a loan off another EU(European Union) country. If this happens they will need to repay with interest.

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A budget deficit happens when total Income is less than total Expenditure.

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A budget surplus happens when total Income is greater than total Expenditure.

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Budgets are a written document on planned income and expenditure. At the moment the Irish government have a budget Surplus.

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The government have to pay departments for our benefit. These departments include, Social Protection(Child benefit, Pensions etc), Education etc.

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All taxes are sources of revenue (income) for the government. These taxes include, V.A.T.(Value Added Tax is a tax on goods), Corporation tax(Tax on a companies profits), P.A.Y.E.(Pay As You Earn is a tax on someones income) etc.

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Just like individuals or a household, the government have to get money from somewhere. In this presentation I will discuss the sources of Income and Expenditure for the government.