Government deficit of €19bn expected for 2020

The Department of Finance is now expecting an exchequer deficit of €19bn for 2020.

Tax revenues fell by €2.1bn last year while public health restrictions led to VAT receipts dropping by €2.7bn on the figures from 2019.

Income tax receipts also saw an annual decline of €224m, while excise returns were dropped by €500m.

The only major tax to see an increase in 2020 was corporation tax, which was up €945m or nearly 9% on the previous year.

More to follow.