Exchequer sees tax take tumble €800m

There was a €1.7bn hole in the Exchequer at the end of February, an increase of €800m in the previous year.

The Department of Finance is blaming the drop in the tax take on a €300m loan to the Social Insurance Fund and a financial transaction with Bank of Ireland.

The amount of Corporation Tax collected in the year to February was down 42% year-on-year to €91m.

VAT receipts are up by 7%, or €141m, in the year to February while Income Tax receipts are also up, by €5m - or 0.2%.

The Government has also collected €57m in Property Tax.