The Exchequer deficit now stands at nearly €9.5 billion. This compares with a deficit of €625 million in the same period last year. However, cumulative tax receipts for the year are €34,248 million, only 2.3 percent lower than the same period last year. Tax receipts-to-date have benefitted from a strong performance in January and February as well as solid corporate tax receipts, which have offset, to a large extent, the fall in VAT and excise receipts.

Exchequer figures show cumulative tax revenue to end-August is down by 2.3 percent, or €802 million on the same period last year. Reflecting significantly reduced personal consumer spending in the spring, VAT receipts to end-August are now down by over €2.1 billion, or 21 percent on the same period in 2019. Similarly, excise receipts have fallen by 15 percent, or €579 million to end-August.

Cumulative income tax receipts to end-August are down, on a year-on-year basis, by 1.4 percent, or €194 million. Corporation tax receipts in the month were up by €100 million on August last year, although August is not a significant month for corporation tax receipts.

For the full picture, see the Fiscal Monitor August 2020.