Disappointment over tax revenues

The Department of Finance has expressed disappointment at the continuing underperformance of tax revenues, but will be looking to May’s figures — traditionally a big revenue month on all tax fronts — as a better indicator for the full year.

Latest exchequer returns show that the Government took in just over €2.61bn in tax revenue in April, 2.3% below target as both income tax and corporation tax again underperformed. April’s disappointing figures mean the combined tax take for the first four months of this year — €14.1bn — is 2.4%, or €344m, behind target.

A department spokesman said the current month’s figures would be “very important” in terms of assessing tax projections for the rest of the year.