Figures from the Department of Finance show that the tax take for the first eight months of this year is running just over €400m behind Government targets.
The Exchequer deficit - the gap between spending and tax receipts - was €18.7 billion in the first eight months of this year. This is more than €10 billion bigger than the same period last year, though the deficit has been swollen by the extra capital injected into the banks.
Total tax receipts were just under €20.8 billion, 2% or €427m short of what the Government targeted in April's Budget. The shortfall is slightly smaller than the €500m recorded in the first seven months.
The tax take is just over 16% down compared with the same period last year. In recent months, the year-on-year decline in tax revenue has shown signs of stabilising, after falls of more than 20% earlier in the year.
A breakdown shows that VAT receipts came €436m below target, as consumer spending continued to be weak. VAT receipts are down by almost €2 billion compared with the same period last year.
More details on the department's tax figures
The take from stamp duty was more than 24% less than what was expected in April. The take from capital gains and capital acquisitions taxes were also sharply lower than projected.
Receipts from income tax were 3.5% lower than projected at €7.2 billion, while corporation tax receipts were 19% better than expected at €2.4 billion, helped by a change in the payment dates for the tax. Excise duties were also slightly higher than forecast.
Total spending in the eight months was marginally lower than the April projections at just under €30.8 billion. The Government is expecting a gap of more €20 billion than between spending and revenue for the whole of 2009, and a total tax take for the year of €34.4 billion.
