Government under fire over €2.8bn tax deficit

THE Government was told to “come out of hiding” to get a grip on the ailing economy after the latest figures show the state staring at a €5 billion black hole in tax revenues by the end of the year.

Latest exchequer return figures from the Department of Finance show tax collected so far this year amounts to about €2.8bn, or 10% below what the Government had expected at budget time.

Every main category of tax remains below the Government’s forecasts, with the tax haul from property-related taxes dropping the most behind target. The tax intake from stamp duty down is 27%, or €480 million, on Government budget estimates, and Capital Gains Tax is a full third, or €436m, less than what was projected.