Finance department expects a deficit of €19bn for 2020

DUBLIN: The Irish Finance Department expects an exchequer deficit of €19bn for last year.

Tax revenue decreased last year by €2.1 billion. Public health restrictions led to a decrease in VAT receipts of €2.7 billion from 2019.

Income tax receipts also saw an annual decline of €224m, while excise returns were dropped by €500m.

Income tax receipts also saw an annual drop of €224 million. At the same time, excise returns fell by €500 million.

The only major tax to see an increase in 2020 was the corporation tax, which was €945 (nearly 9%) higher than last year.