Government records €12.8bn surplus bolstered by Apple tax ruling in 2024

These returns come as Fianna Fáil and Fine Gael resume government formation talks following the Christmas break. 

The Government recorded a surplus of just €12.8bn during 2024, largely due to the additional tax received following the Apple tax ruling in September, the latest exchequer returns show.

This strong health of the public coffers come as Fianna Fáil and Fine Gael reconvene after government formation talks after the Christmas break.

According to the latest exchequer returns, as of the end of the year, a surplus of €12.8bn was recorded compared to the €1.2bn during 2023. 

The Department of Finance said the €11.6bn improvement was “largely reflecting the transfer of once-off receipts arising from the Court of Justice of the European Union ruling” in relation to the Apple tax case.

Throughout the course of the year, €108bn in tax was collected — 22.6% higher, or €19.9bn higher, than 2023. Income tax receipts stood at €35.1bn, up 6.6% year-on-year.

Corporation tax receipts stood at €39.1bn, up €15.2bn compared to 2023. Vat receipts totalled €21.8bn — an increase of €1.5bn.

Excise, stamp duty, and capital gains tax receipts for the year stood at €6.3bn, €1.7bn, and €1.7bn respectively.

Gross revenue

Non-tax revenue and capital resources in 2024 stood at €3.2bn, while appropriations-in-aid of €18.0bn brought total other revenue to €21.2bn. Appropriations-in-aid is money generated by government departments or bodies for their own use.

In December alone, €8.9bn in tax was collected — up by €2.8bn compared the same month in 2023. 

Of this, income taxes accounted for €2.8bn — up €200m — while the corporation tax take for the month came to €4bn, up by €2.2bn.

December is a non-Vat due month, with receipts of €400m collected, while excise duties collected came to €500m. Gross government revenue in 2024 stood at €129bn, up €20.7bn from the year prior.

During the year, total expenditure amounted to €116.5bn. Of this, gross-voted expenditure stood at €103.7bn— which was €9bn ahead of last year. Non-voted expenditure accounted for €12.8bn, which was broadly in line with 2023.

Debt servicing costs for the year stood at €3.1bn, down by €200m year-on-year.

These exchequer returns come as the Government formation talks resumed on Monday between Fianna Fáil and Fine Gael, with the parties expecting to hone in on issues such as climate, health, and housing.

Sticking points in the week ahead are likely to include the issues of climate and transport, with neither Fine Gael or Fianna Fáil controlling the main ministries in recent years.