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The Department of Finance released the following information on June 2:

 

The Exchequer deficit was €7,867m at end-May 2010 compared to €10,588m in the corresponding period in 2009. This is generally in line with expectations and means the Budget Day targets remain valid.

 

The year-on-year difference in the Exchequer deficit is largely attributable to payments to the National Pensions Reserve Fund (NPRF). At end-May 2009, €3,000m had been paid to the NPRF but due to the frontloading of the 2010 NPRF contribution into 2009, no NPRF payment is due this year.

 

Taxes were just over €1,400m or 10.4 per cent below the same period last year while net voted expenditure was some €1,700m or 8.9 per cent lower.

 

Tax receipts to end-May were broadly on target, with net voted expenditure down somewhat on profile in overall terms.

 

Tax Revenue

In total, €12,117m in tax receipts were collected to the end of May. This was €148m or 1.2 per cent below profile. Small surpluses on VAT and corporation tax were offset by income tax being behind target. The end-May year-on-year decline was 10.4 per cent; at end-April it was 10.8 per cent and at end-March it was 15 per cent.

 

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