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Increase In Tax Revenue Behind Slight Drop In The Exchequer Deficit.

Stock image: Pexels

Govt. spent €6 billion more than it received, up to the end of May.

An increase in tax revenue is behind a slight improvement in the exchequer deficit.

Up to the end of May this year, the government spent just over 6 billion euro more than it received, compared to over 6 point 1 billion euro for the same period last year.

VAT receipts were strong at 2.3 billion euro, which is 250 million euro more than expected.

Income tax continued to be robust in May, according to the Department of Finance.

Corporation tax receipts of 2.4 billion was 120 million euro more than expected, but was down 200 million on the same time last year.

Spending of 33 billion euro is 4 per cent lower than forecast and that is being attributed to the closure of construction sites.

 

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