They have really turned sour. Analysts were expecting tax revenue to stay the about €300million ahead of profile that they were in September but instead they have turned in €100million below profile i.e. a €400million reversal in October - the most important tax month of the year. Both VAT and Income Tax have turned rapidly downwards having been ahead of profile all year. On the spending side both Health and Social Welfare are way out of step with Social Welfare spending about half a billion more than budgeted for.
Final Exchequer Statement - October 2012 - Department of Finance - Government of Ireland