Exchequer returns show €7.8 billion in tax was collected over the first two months of the year, slightly lower than Department of Finance forecasts.
VAT and Corporation Tax receipts have both been below target so far this year, and were the main factors behind the marginal under performance.
The February Fiscal Monitor, published by the Department of Finance, shows Income Tax receipts during the month were €1.584 billion. That's 6.9% higher than in the same month last year and was also 1.1% ahead of the Department's forecasts.
VAT is payable on a bi-monthly basis for the majority of businesses meaning February is a non-VAT month. Receipts for the tax head are 2.8% lower than expected but the VAT picture will be clearer after the March exchequer returns.
