Cutbacks loom as tax take falls

THE Government could be forced into another round of cutbacks this year as tax receipts continue to fall well below expectations.

According to the latest Exchequer figures released yesterday, July’s tax receipts are down €360 million following a further 10% fall last month.

The Government insists spending is being tightly managed and on course. However, continued weak tax returns may leave Finance Minister Charlie McCreevy with no choice but to cut back or increase borrowing.