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Irish Tax Revenues Still Fall Below Government Targets

by Jason Gorringe, Tax-News.com, London

04 April 2003

Irish Exchequer figures published earlier in the week continue to indicate that the government's revenues are falling short of its targets, following a trend established last year.

However, a larger than expected increase in VAT receipts- a consequence of the booming property market- has managed to cancel out much of the shortfall from other areas of the tax take.

Wednesday's figures revealed that government spending increased 11.8% in the first quarter of the year and now totals EUR6.825 billion. This was matched by a similar increase in tax revenues which have risen 11.9% to EUR6.956 billion. The government was still required to borrow EUR205 million in the first three months however, in order to balance its books.

Finance Minister Charlie McCreevy defended his handling of the fiscal situation, and reiterated that spending was under control and the government was still on track to meet its expenditure targets.

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