Irish VAT receipts ‘fall’
Thursday May 7, 2009
New figures have revealed that the number of the Ireland Exchequer’s tax receipts fell during the first few months of 2009.
Statistics have highlighted that the department’s tax take was down 24 per cent across the four months analysed, with the number of VAT receipts down by 21 per cent to €3.8 billion (£3.3 billion).
Overall, it was also revealed that the Exchequer’s returns over the period showed a deficit of €7.3 billion.
Discussing the findings, Fine Gael finance spokesperson Richard Bruton told the Irish Times they highlighted how tax increases are not the way to "chase down" the country’s economy.
He added that cuts in investment could "destroy jobs and undermine the potential of the economy to grow".
Last week, the Irish government was urged by retailer Currys to cut its VAT rate of 21.5 per cent.