Fiscal deficit shows €1.2bn improvement
There were few surprises in the latest exchequer returns as tax receipts and expenditure came in broadly in line with expectations.
Tax revenues came in at €14.8bn for the five months to the end of May, which was a €366m or 2.5% increase on the same period in 2012 and €105m ahead of expectations. However, most of the increase in tax receipts has been attributed to timing issues because they include property tax returns of €121m for the first five months. Excluding property tax, total returns are in line with expectations.
