There was an Exchequer deficit of just under €1.74 billion for the first four months of this year, according to figures from the Department of Finance.
Total tax receipts were €8.46 billion, coming in below the budget target for the four months of €8.65 billion. Spending is running 8% ahead of the same period last year at €9.16 billion, though this is below the Department's budget time projection of €9.7 billion.
The Department of Finance maintains the figures are still on target for a €1.9 billion deficit this year and that the public finances will balance out later in the year.
Most of the major tax areas fell short of target, with income tax just over 4% below target at €2.54 billion. Customs, excise, capital and corporation tax are also lower than projected. The exceptions are receipts from VAT - marginally ahead of target at €3.27 billion - and stamp duties, which are nearly 30% higher than expected as the housing market continues to be strong. The rise in stamp duties also reflects the higher duty imposed on bank cards.
