July 2, 2020 / 2:57 PM / a month ago

Ireland sticks to budget deficit forecast despite stronger tax figures

FILE PHOTO: Irish Finance Minister Paschal Donohoe presents Budget 2020 at Government Buildings in Dublin, Ireland October 8, 2019. REUTERS/Lorraine O'Sullivan/File Photo

DUBLIN (Reuters) - Ireland still expects to post a budget deficit of between 7.4% and 10% of gross domestic product for 2020 despite collecting far more tax than expected during the lockdown of the economy, Finance Minister Paschal Donohoe said.

The tax take for the first half of 2020 was unexpectedly 0.7% higher year-on-year after yet another surge in corporate tax returns and more resilient income tax receipts continued to stave off a forecast coronavirus-induced collapse.

“Today’s figures show that although the expected decline in tax receipts has been partially offset by strong corporation taxes, we are on course to run a deficit of 23 to 30 billion euros this year, as outlined in April,” Donohoe said in a statement on Thursday.

Reporting by Padraic Halpin; Editing by Catherine Evans

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