Business Irish

Sunday 22 September 2019

State record deficit of €3.1 billion in tax receipts so far this year - but on course for surplus

State record deficit of €3.1 billion in tax receipts so far this year - but on course for surplus
State record deficit of €3.1 billion in tax receipts so far this year - but on course for surplus
Donal O'Donovan

Donal O'Donovan

The State recorded a deficit of €3.19bn in the four months to the end of April 2019, but remains on course to end the year in surplus.

Tax revenues of €15.57bn in the period to the end of April. Total net voted expenditure was €16.244bn for the same period.

Non-voted expenditure of €4bn was up mainly driven by a greater contribution to the EU budget.

April is typically a quiet month on the tax receipts front, according to Peter Vale, Tax Partner at Grant Thornton Ireland.

However, the figures for the month were depressed by higher than expected repayments of both corporate tax and VAT, he said. 

"Overall, after four months of the year, the Exchequer returns remain relatively healthy, almost 6% ahead of last year and broadly in line with forecasts.  As May is the second most significant month for tax receipts, next month’s returns will be closely monitored," Peter Vale said.

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