Fantasy Budget 2009
2009 Winners Announced!
Four third year students - Eimear Corbett, Elizabeth Davis, Lisa Ryan and Tara Ryan - from Tipperary Institute are this year’s winners of the Irish Taxation Institute’s annual “Fantasy Budget” competition. The judges were Brendan Keenan, Group Business Editor of the Irish Independent, and Jim Power, Chief Economist, Friends First.
This is the first time Tipperary Institute has submitted an entry. Interest and participation in the Fantasy Budget competition was greater than ever with applications from a large number of students from universities and colleges throughout the country.
The winning team were presented with their award at a special lunch on Monday 7 December, 2009, in the Radisson SAS Royal Hotel, Golden Lane, Dublin 8
Read the winning entry
here.
Pictured here are the winning team with ITI President, Olivia Lynch.
What is the 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 as 3rd level students to the Irish tax system to make it fairer, more effective and restore the attraction of living and working in Ireland?
Download a copy of our Fantasy Budget 2009 brochure here.
The Competition
Each year the Minister for Finance introduces a Budget in order to improve the Irish economy and make the taxation system fairer for all sections of society. Many interested groups, including the Irish Taxation Institute, make pre-Budget submissions in order to influence the outcome of the Budget.
Remember that most of the money the Government needs to spend on education, health, welfare, etc comes from the tax revenue it collects. Tax pays for all these vital services but can also be used to try to control smoking and drinking and 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? Should new business incentives be introduced which would stimulate growth and increase employment?
So, what would you do?
This year, you and your fellow students have an opportunity to develop your own policy initiatives. We suggest you form a team (3 or 4 students) and brainstorm ideas on how the budget could be used to improve the economy for everyone.
How will your proposals impact on different sections of the population or on industry? A panel of leading economists and business commentators will act as judges for the competition and they will be looking for originality, sound reasoning and awareness of the likely impact of your proposals.
Your team must:
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 2000 words (including appendices). It is not necessary to supply costings, but your team may do so if they wish.
Prizes for the winning student team
Winners of the 2009 Fantasy Budget competition will be invited to a high profile lunch where the prizes will be presented.
For the University / College: Complimentary copy of TaxFind (The Irish Taxation Institute’s CD-ROM of taxation information and analysis).
This innovative competition is open to all full-time undergraduate students, allowing them to explore ideas of what they would do in the next Budget if they were the Minister for Finance. Students are required to demonstrate the necessary skill, flair and imagination to put together a Budget that would introduce new and effective policy initiatives to the Irish tax system.
Entries for the competition are judged by a panel of leading economists and taxation advisers, who look for originality, sound reasoning and awareness of the likely impact of the proposals.
Winning team pictured with Jim Power, Chief Economist, Friends First and ITI president, Olivia Lynch