Tax shortfall narrows for first time this year

A strengthening of income and corporate tax receipts in May helped narrow the gap between the Government’s tax revenue targets and what it is actually collecting for the first time this year.

The Government took in just over €5.28bn in tax revenue in May, latest exchequer returns show. This figure was 1.5%, or €76m, ahead of the monthly target.

The latest monthly performance also boosted the Government’s tax revenues for the year-to-date up to €19.4bn. That is still 1.4% — or €268m — short of target for the first five months combined, but the shortfall is down from one of 2.4% as of the end of April. Furthermore, May marked the first month in which that shortfall — between forecast and actual tax receipts — narrowed in 2017.