Income tax receipts below target

Income tax receipts remained below target, according to the latest Exchequer data relased today.

The figures showed the Exchequer was in deficit to the tune of €10.2 billion at the end of July, compared with €16.4 billion recorded at the same point last year.

The Department of Finance said the difference was “primarily” explained by €3 billion payments to both the National Pensions Reserve Fund and Anglo Irish Bank last year.

The data indicated tax revenues were just over €1.5 billion or 8.2 per cent below the same period in 2009.

In total, just under €17.2 billion in tax receipts were collected in the first seven months of the year, some €247 million or 1.4 per cent below target.

While VAT, corporation tax and excise duties all performed to expectation, the Department of Finance said income tax remained behind target at the end of July.

Expenditure was €25.4 billion, just over €1.9 billion or 7 per cent below the same period in 2009.