Exchequer reports weak tax returns

The Exchequer has announced weaker-than-expected tax returns for February.

The results are primarily due to shortfalls in Capital Gains Tax and VAT.

Overall receipts were €552m, 15.8%, below Government expectation for the month, to leave the cumulative figure for the first two months of the year at €516m, down 6.4%.

Tax revenue for February was 15.7% lower than in February 2007.

The main source of this annual rate of decline is the property related taxes, with stamps down 40% year-on-year and Capital Gains Tax down 41%.