Exchequer returns fall short by 2%

THE Department of Finance has reported that the tax take for the first quarter of this year amounted to €7.5 billion — significantly up on a year-on-year basis, but nearly 2% below expectations.

Yesterday’s Exchequer returns showed that quarterly tax receipts were €270m ahead of the same quarter last year, but still fell some €136m — or 1.8% — short of expectations.

While the department suggested this not to be a significant shortfall, the figures showed that two of the main tax earners — VAT and income tax — performed weakly, coming in at €179m and €125m under estimate, respectively.