Corporation tax receipts drop nearly 25% as expenditure rises 

Ireland recorded a €300m exchequer surplus for first quarter due to higher income tax and Vat receipts

Public Expenditure Minister Paschal Donohoe and Finance Minister Michael McGrath at yesterday's press conference on the publication of Ireland's Q1 2024 exchequer returns. Picture: Brian Lawless/PA

A near 25% drop in corporation tax receipts in the first three months of the year and increases in State spending have been offset by stronger Vat and income tax receipts, the latest exchequer returns show.

According to the Department of Finance, between January and March, a surplus of €300m was recorded with total tax receipts amounting to €20.1bn. While it is an improvement on the €2.1bn deficit recorded during the same period in 2023. this is largely due a transfer of €4bn to the National Reserve Fund at the time.