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Dismal Tax Receipts Reflect Economy

The latest Exchequer returns published this afternoon show tax revenues collected by the Government up to the end of July are €575 million lower than the Department of Finance estimated with the shortfall in receipts trebling over the last month.

An increased decline in consumer spending led to a gap between the projected and actual value of VAT receipts widening to €448 million.

While receipts from corporation tax were barely positive in July. The Government collected just €5 million in corporation tax last month, compared to an expected target for July of €48 million. This was also reflected in a worsening shortfall in income tax receipts, which are €185 million behind the Government’s targets.

Read the full statement here.

Overall, the value of tax receipts has slipped 3 per cent behind the targets published by the Department at the end of April.

The Exchequer deficit widened to €16.4 billion at the end of July, compared to €14.7 billion at the end of June.

Posted in Money Systems, News.

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