The government will now almost certainly need to achieve savings of 3.5-billion in Wednesday’s budget, after new tax take figures from the Department of Finance came in more than 200-million euro less than expected.
Yesterday there was speculation that 3-billion euro might be enough, but after the estimates for receipts and expenditure in 2013 showed tax revenue for 2012 falling two hundred and ten million below target, that’s now unlikely.
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The Department of Finance says the drop is mainly due to weaker than expected returns from self-assessed people.
However, the Department of Finance says the budget deficit is expected to be ahead of target at 8 point 2 per cent of GDP by the year’s end, well within Troika guidelines.
