An Exchequer deficit of €14,709 million was recorded in the six months to end-June 2009 compared to a deficit of €5,648 million in the same period last year. Tax revenue was €188 million or 1.2% below expectations for the period and was down by 17.3% year-on-year. These statistics may have made for even more difficult reading were it not for the fact that corporation tax receipts overshot the monthly target by 6.7% and held a 31.4% increase when compared with 2008.

Of course, the corporation tax increase is attributable to the accelerated payment dates which moved to a first instalment preliminary payment deadline of six months prior to the accounting period in F (No2) A 2008. Therefore, companies with 31 December 2009 year end would have made their first preliminary payment on 21 June 2009 just gone.

Full details of the exchequer returns are available at http://www.finance.gov.ie/documents/exchequerstatements/2009/Taxtablejune09.pdf.