Exchequer figures released earlier this week have revealed that the Irish tax take in January remained weak, a fact which economists have put down to slowing revenue collection and strong expenditure growth.
According to the figures, revenue collection was down 6% on the same period in 2001, and the Exchequer surplus was also greatly reduced, down to Euro383 million from Euro1.2 billion.
The Irish government revealed that although not all of the income tax cuts announced in the Finance Minister's last budget have come into effect yet, income tax receipts still showed a drop of 4.2% from January 2001.
However, slightly increased VAT receipts and marginally higher excise duty collection made for a silver lining (albeit very thin) to Charlie McCreevy's economic cloud.
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