Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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Question 35: To ask the Tánaiste and Minister for Finance his views on the fact that tax revenues were 8.3% lower in January and February 2008 than in the same period in 2007. [15244/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Taxes were €35 million above target at the end of January, €552 million behind target in the month of February and €84 million behind target in the month of March. Overall tax receipts were around €600 million, or 5.1 per cent behind target in the first three months of 2008. Over half of this shortfall is due to the poor performance of Capital Gains Tax which reflects the more adverse conditions in equity and property markets. At this stage it is not expected that this tax shortfall, particularly in CGT, will be recouped later in the year. It is important to point out that the current situation is manageable given the strong position of the public finances such as our low debt to GDP ratio. Finally, my Department will continue to closely monitor overall tax performance over the coming months as a clearer trend emerges.