THE DEFICIT OF public finances was €7.4 billion in July compared to a surplus of €896m recorded in July of last year, new figures from the Department of Finance show.Source: Department of Finance
The decline in tax revenues was driven largely by a significant drop in VAT receipts compared to July last year - down 22.7% in the year to date compared to the same period last year. Spending, meanwhile, is up 29.5% or €8.662 billion year-on-year, largely due to increased Departmental expenditure resulting from Covid-19.
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