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Irish Tax Receipts Down 17%

Friday, February 5, 2010

With the dawn of a new year, the Irish government was hoping that the January 2010 tax take figures would spark murmurs of hope for the Republic's financial situation. The recently released figures, however, merely show that tax revenues were considerably lower than in 2009.

Income tax receipts recorded in January 2010, just exceeding EUR1bn (approx USD1.36 billion) , were down 10% on January 2009. Corporate tax has slumped 66.5% year-on-year to EUR41m, stamp duty by 41% to EUR30m, and excise duties were down 16% on January 2009 at EUR260m.

Value-added tax receipts at end-January were down 18% year-on-year at EUR1.6bn, which could be attributed, in part, to severe weather conditions during January 2010.

Despite considerable retrenchment in recent budgets, Ireland's overall budget deficit in January 2010 amounted to EUR780m, nominally higher then the EUR747m recorded in January 2009. The government anticipates full year receipts of EUR31bn this year, or a decrease of around 4.7% on 2009.