'Not much powder left for honeymoon Budget 2018'

'Not much powder left for honeymoon Budget 2018'
Tax shortfall deepened in July. Pic: RollingNews.ie

The tax shortfall deepened in July, while the cost of cancelling IBRC bonds is mounting, writes Constantin Gurdgiev

Following historical trends for monthly returns, July is usually a quiet month for Exchequer receipts, with only VAT returns for the second quarter providing excitement at the Revenue offices. Matters are different this time around due to two factors: the worrying tax returns dynamics in the first half of the year, and the growing disconnect between political promises of tax cuts and spending increases in the forthcoming Budget 2018, and the rising risks of the revenue performance.

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