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Exchequer Returns Summary - March 2010 Reveals Decline in Tax Revenue and Expenditure Trends

As of March 2010, tax revenue decreased by 15% year-on-year, totaling €7.25 billion and falling €266 million short of projections. The annual target is set at €31 billion, indicating a 6% decline compared to the previous year. Expenditure also shows a downward trend, being 2.1% below profile, primarily due to timing issues among various departments. Although capital spending is currently below expectations, it is forecasted to align later. The Exchequer's overall position remains consistent with expectations for 2010.

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Exchequer Returns Summary - March 2010 Reveals Decline in Tax Revenue and Expenditure Trends

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  1. End-March 2010Exchequer Returns Friday 2nd April 2010

  2. Exchequer Balance

  3. Tax Revenue • Tax revenue = €7¼ billion • 15% down year-on-year • €266 million or 3½% below profile • Annual target €31 billion or 6% down y-on-y

  4. Main Tax Heads End-March 2010 Small discrepancies arise due to rounding of constituent items

  5. Voted Expenditure End-March 2010 Small discrepancies arise due to rounding of constituent items

  6. Expenditure – Key Points • Significant year-on-year reductions largely reflect expenditure policy changes implemented over the last year • Overall expenditure is 2.1% below profile. This is mainly due to timing issues across a number of departments • Capital spending below profile but is expected to catch up later on • The anticipated end-year position remains in line with 2010 REV allocations

  7. Summary • Tax revenue is 15% down y-on-y - substantial decline anticipated in first half of 2010 • Expenditure is €225 million less than planned – timing issues • At end-March the overall Exchequer position is broadly in line with expectations - targets remain valid

  8. End-March 2010Exchequer Returns Friday 2nd April 2010

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