The Government has been warned that the financial costs of continued restrictions are very large and that the short-term economic outlook has worsened due to the current Level 5 restrictions.
The latest numbers show tax revenues in January were down 9pc compared to the same month last year, including big falls in Vat and excise duty, while social welfare spending was 42pc higher.
January is an important month for Vat collection which is usually boosted by pre-Christmas trading, however, Vat receipts last month were down €340m from last year.
That reflects the hit to trading from the successive lockdowns in November and late December, and suggests CSO retail sales data that showed a rise in December spending has not translated into the tax take.
The Exchequer figures record a total €520m drop in cash terms of tax collected versus the same month last year.
Economy and Finance Minister Waldo Mendoza. Photo: Presidency of the Council of Ministers (PCM)
15:00 | Lima, Jan. 12.
Economy and Finance Minister Waldo Mendoza on Tuesday reported that S/2.7 billion (about US$746.8 million) will be allocated for the health emergency response in 2021.
The above-mentioned amount will be devoted to the purchase of vaccines, remuneration of medical staff, acquisition of personal protective equipment (PPE), and other related expenses. Regarding the health emergency response, in general, Article 61 of the 2021 Public Sector Budget Law considers resources from the Contingency Reserve of up to S/2.7 billion (around US$746.8 million) for the acquisition and distribution of the COVID-19 vaccine and other expenses required within the framework of the health emergency, Mendoza stated.
Economy and Finance Minister Waldo Mendoza. Photo: Presidency of the Council of Ministers (PCM)
15:00 | Lima, Jan. 12.
Economy and Finance Minister Waldo Mendoza on Tuesday reported that S/2.7 billion (about US$746.8 million) will be allocated for the health emergency response in 2021.
The above-mentioned amount will be devoted to the purchase of vaccines, remuneration of medical staff, acquisition of personal protective equipment (PPE), and other related expenses. Regarding the health emergency response, in general, Article 61 of the 2021 Public Sector Budget Law considers resources from the Contingency Reserve of up to S/2.7 billion (around US$746.8 million) for the acquisition and distribution of the COVID-19 vaccine and other expenses required within the framework of the health emergency, Mendoza stated.