Tax take €200m below expected
The Republic's tax take for 2012 will be more than €200m less than anticipated but the budget deficit is still on target, the Department of Finance has said.
Its latest estimates of receipts and expenditure for 2013 which has been published ahead of next week's Budget shows an expected year-end tax position of €210m as a result of weaker than expected returns from the self-employed.
Excise duty receipts are likely to be around €200m off the target but VAT returns will come in ahead of target by €195m.
Stamp duty will exceed its target by €65m but income tax will be €260m below target because of the lower than expected returns from the self-employed.
According to the estimates the cost of serving the national debt will increase significantly next year, up from €6.47bn this year to €8.11bn.
This is as a result of a promissory note agreement under which the State will have to repay a loan of €31bn from the Central Bank that was used to cover losses at Anglo Irish Bank and Irish Nationwide building society.
It is supposed to be repaid over ten years in instalments of €3.1bn.
The deficit will be 8.2 per cent of GDP ahead of the 8.6 per cent target set by the Troika under the bailout programme.