Exchequer tax take was below expectations in October – while Government spending is way up
However, October’s figures did show a significant fall off in corporation tax receipts.
Part of that is due to Revenue setting aside €550m for the Covid Restrictions Support Scheme (CRSS) for businesses announced in the Budget.
The figures show that income tax receipts continue to hold up.
If not for the new scheme, October’s income tax take would have in fact been marginally up on October of last year.
However when it comes to corporation tax on company profits, that figure is down some €600m compared to what was taken in last October. This highlights how volatile this tax take can be.
On the spending side, increased expenditure on Health and Social Protection in response to Covid-19 has contributed to Government spending running at €10.7 billion (24.8%) ahead of where it was this time last year.