The public finances fell deeper into the red last month as spending on various pandemic-related supports rose and tax receipts fell. The latest exchequer returns, published by the Department of Finance, show the Government’s budget deficit - on a rolling 12-month basis – swelled to just over €14 billion in February. This was fuelled by a combination of falling tax revenues and increased spending on financial supports for impacted workers and businesses. While income tax receipts, at €4 billion, were marginally up on the corresponding period last year, Vat receipts were significantly down, reflecting the current lockdown, which has resulted in the closure of all but essential retail. Corporation tax, excise duty, stamp duty and capital gains tax (CGT) were all down on the previous year’s figures.

Source: The Irish Times March 02, 2021 16:09 UTC