Business Irish

Sunday 11 December 2016

Tax receipts €520m shy for year to date, as economy remains ‘extremely weak’

Published 02/12/2011 | 17:13

TAX receipts so far this year are coming in at €520 million – or 1.6pc - below projections, according to latest exchequer figures from the Dept.of Finance.

  • Go To

The figures – including the key month of November - show the deficit stands at €21.4bn.

That means revenues stand at €31.8 billion are over €2.3 billion - or 7.9 per cent - higher than in the same period last year.

This increase is due mostly to income tax growth of 22.5pc over the year.

The Government plans €3.8bn in cuts and tax increases in next week’s much-anticipated abudget.



Says Alan McQuaid, chief economist at Bloxham in Dublin: “The domestic economy remains extremely weak.. The Government needs a turnaround in private demand if it is to reach the sort of annual growth rates necessary to make inroads into its debt."

Read More

Promoted articles

Editors Choice

Also in Business