The deficit in the public finances was €7.4 billion in July, which compares to a surplus of €896m recorded in July of last year. The deterioration of €8.3 billion was largely driven by increases in expenditure in response to Covid-19. Overall tax revenues in July came to €4.29 billion, down 18.6% or €983m compared to the same month last year. Cumulative tax receipts, however, are down 2.5% compared to last year due to strong tax returns in January and February and a big increase in corporation tax recorded in June.
VAT receipts were down 30% compared to July last year, and down 22.7% in the year to date compared to the same period last year. Income tax continued to fare better-than-expected with €1.59 billion collected in July, down 8% compared to July last year. Meanwhile spending is up 29.5% or €8.662 billion year-on-year. This reflects increased spending in the Departments of Health and Social Protection in response to Covid-19. Ref: rtenews.ie Comments are closed.
|
Archives
March 2024
|