Advertisement

Exchequer sees deficit of over €7.4bn to end of April

An exchequer deficit of more than €7.4bn was recorded up to the end of April. That compares to ...
Jack Quann
Jack Quann

18.51 5 May 2020


Share this article


Exchequer sees deficit of over...

Exchequer sees deficit of over €7.4bn to end of April

Jack Quann
Jack Quann

18.51 5 May 2020


Share this article


An exchequer deficit of more than €7.4bn was recorded up to the end of April.

That compares to just over €3bn in the same period last year, according to the latest figures from the Department of Finance.

Tax revenues in April were down 8%, or €223m, on the same month last year.

Advertisement

Excise receipts also fell year-on-year, with analysis suggesting the drop is mainly due to a shortfall in excise paid on oils and Vehicle Registration Tax (VRT).

April is a non-VAT due month, with receipts of €86m collected.

While this was ahead of the performance last year by some €80m, the department says this is because - similar to corporation tax - exceptionally high repayments in 2019 skew the annual comparison.

It will likely be next month before the full scale of the effect of the pandemic on VAT becomes clear.

Corporation tax receipts in April were relatively low, with some €33m collected.

However this was €88m ahead of April last year - which saw exceptionally large repayments.

Corporation tax remains up €435m on a cumulative basis, mostly because of payments from large companies.

"It is still too early in the year for an effect of the COVID-19 pandemic on corporation tax receipts to be identified", the department adds.

Overall spending was almost €2.4bn more than forecast up to the end of April.

In year-on-year terms, this was made up of a 23.9% increase in current spending and a 19.6% increase in capital spending.

The Department of Finance says the rise in expenditure was primarily because of  increased spending in response to the COVID-19 pandemic - particularly in the Departments of Health and Social Protection.

Main image: The Department of Finance is seen in 2011. Photo by: Mark Stedman/RollingNews.ie

Share this article


Read more about

Coronavirus Corporation Tax Covid-19 Deficit Department Of Finance Exchequer Exchequer Figures Expenditure VAT

Most Popular

Live: Title

Now playing

00:00:00 / 00:00:00
Added to queue
Removed from queue

On Air

Share

Share


Up next

Episode title
Show
Duration

You currently have no podcasts in your queue.

Go to podcasts

On Air

Taking Stock With Mandy Johnst...

Taking Stock With Mandy Johnston

09:00-10:00

Share

Up next

FUTUREPROOF WITH JONATHAN MCCR...

FUTUREPROOF WITH JONATHAN MCCREA

10:00-11:00

Share

ON THE RECORD WITH GAVAN REILL...

ON THE RECORD WITH GAVAN REILLY

11:00-13:00

Share

OFF THE BALL

OFF THE BALL

13:00-19:00

Share

TALKING HISTORY WITH PATRICK G...

TALKING HISTORY WITH PATRICK GEOGHEGAN

19:00-20:00

Share

SOUNDSCAPE

SOUNDSCAPE

20:00-21:00

Share

FUTUREPROOF WITH JONATHAN MCCR...

FUTUREPROOF WITH JONATHAN MCCREA

21:00-22:00

Share

THE TOM DUNNE SHOW

THE TOM DUNNE SHOW

22:00-00:00

Share

BEST OF NEWSTALK

BEST OF NEWSTALK

00:00-06:00

Share

BREAKFAST BRIEFING

BREAKFAST BRIEFING

06:00-06:30

Share

BREAKFAST BUSINESS

BREAKFAST BUSINESS

06:30-07:00

Share

NEWSTALK BREAKFAST

NEWSTALK BREAKFAST

07:00-09:00

Share

THE PAT KENNY SHOW

THE PAT KENNY SHOW

09:00-12:00

Share

00:00:00 / 00:00:00

Share on