Irish Exchequer Statement Records EUR2.7bn Shortfall
In its recent Exchequer statement covering the year to 31st July, the Irish Finance Department announced that tax receipts had fallen below budget estimates by EUR2.7bn. According to the figures recently published by the Finance Ministry, the state had estimated that it would reel in revenue of EUR24.9bn
in the year to the end of July, but instead recorded an official figure of
EUR22.7bn - leaving a shortfall of EUR2.7bn. The figures also revealed other areas where revenue generated did not match up
to government expectations - for example, income tax receipts were recorded
at EUR6.878bn compared to a forecast of EUR6.971bn, while stamp duties only managed
to bring in EUR1.14bn, compared to the EUR1.47bn predicted at the start
of this year, and compared to the EUR2.026bn taken in by the Exchequer in the
same period last year. In addition, VAT receipts were also shown to be running more than EUR1bn
behind target at EUR8.93bn. According to reports in the national media, the Government has announced that it expects to see
a EUR3bn shortfall in total tax receipts for the whole year. .
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