The government’s tax take in January was 17.5% down on last year. The biggest falls were once again in corporation and capital taxes, especially those with exposure to the declining property market.

Revenue from Corporation tax suffered the biggest fall, down 67%. Stamp duty was second, down just over 40%.

Capital Gains and Capital Acquisitions tax revenue fell by approximately a quarter and fifth respectively. Both sets of revenue are hugely dependant on property.

Government expenditure has been cut in all departments except Social and Family Affairs, Agriculture, Fisheries and Food, and Enterprise, Trade and Employment. The biggest reductions were in Foreign Affairs, Arts, Sports and Tourism, and Environment, Heritage and Local Government.

The expenditure of the Department of Foreign Affairs fell by just over 70%. The Departments of Arts, Sports and Tourism, and Environment, Heritage and Local Government saw their expenditure fall by 50% and 37% respectively.

The deficit for January is €780 million, which is €33 million more than the same month a year ago.