Is there tax revenue fatigue?

After many months of outperformance, March tax revenues were slightly short of the budget target, perhaps signaling a return to balance and certainly justifying the government's refusal to offer any handouts at this stage, so as not to disturb fiscal stability.

According to the January-March quarterly budget execution report, published on Monday, March tax revenues were €3.611 billion, reduced by €184 million or 4.8% compared to the target. At the State General Accounting Office officials state that this lag is partly possibly due to the bank holiday at the end of March due to Easter in the West, in which case it will be compensated by the April revenue.

Overall, the January-March quarter maintained the outperformance: Tax revenues were up by €674 million or 4.7% off the target, reaching €14.92 billion. However, for the most part this outperformance is due to the...