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Nine News: David Murphy, Business Editor, reports that the pace of decline has eased from this time last year
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Nine News: Sean Whelan, Economics Editor, says that the situation may not be as bad as it initially appears
Figures from the Department of Finance show that the amount taken in in tax in January was down 17.7% compared with January last year.
There was an Exchequer deficit of €780m in the month, compared with €747.2m in the same month last year.
The biggest year-on-year change in the Exchequer figures for January, published this evening, is a 66.5% fall in the Corporation Tax take, to just over €1bn.
This points to a much lower level of business activity in the State.
Stamp Duty, which is payable on asset transfers such as property deals, dropped by 40.9% to €30m in January.
VAT was 17.9% lower in January this year compared to last year, at €1.6bn.
Opposition parties said the figures were 'bitterly disappointing' but not surprising.
