Irish Tax Revenue Plunges as Virus Hits Govt Finances

Ireland posts fiscal deficit of EU2.5B in year to end-March, finance ministry says in emailed statement.

• Compares to EU966M deficit a year ago
• Tax receipts for March EU3.7B, 23% below target, driven by decline in VAT receipts
• March tax revenues drop more than 20% y/y, 1Q tax revenues +1.1% y/y
• Net expenditure EU13.6B, +13.5% y/y
• Coronavirus impact means “ tax revenues set to decline steeply over the coming months,” Irish finance minister Paschal Donohoe says

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Dara Doyle in Dublin at ddoyle1@bloomberg.net

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Chad Thomas at cthomas16@bloomberg.net ...