Government's underlying surplus falls by €2.5bn in the year to July
Finance minister Paschal Donohoe. Picture: Leah Farrell/ RollingNews.ie
The Government’s underlying surplus for the year so far has declined by €2.5bn compared to the same period in 2024 once the windfall proceeds from the EU’s Apple tax case ruling is excluded, the latest exchequer figures show.
In September last year, the Court of Justice of the European Union ruled the US tech giant owed Ireland €13bn in back taxes plus interest, bringing an end to the long-running dispute. The proceeds from this ruling have bolstered exchequer receipts but underlying surpluses have fallen.
As of the end of July, the exchequer recorded a surplus of €4.1bn, which is €700m more than the same period last year. However, when the proceeds from the Apple tax case ruling are excluded, the returns show the underlying surplus actually stood at €800m — down €2.5bn year-on-year.
During the first seven months of the year, gross Government revenue stood at €72.8bn — an increase of €8.9bn compared to last year. Of this, tax revenue accounted for €58bn — an increase of €5.6bn.
Income tax receipts valued at €2.9bn were collected in July, bringing the total amount collected so far in 2025 to €20.3bn — up nearly 4%.
Excluding proceeds from the Apple tax case, €14.3bn in corporation tax was collected between January and July — an increase of €1.8bn. Of this, €1.2bn was collected in July.
July was a Vat-due month with €3.3bn collected — up by 1.4%. Cumulative receipts of €14.8bn have been collected so far this year which is an increase of €700m, or 4.8%.
Excise duty receipts were down by nearly 10% in July to €600m. Total excise tax take stands at €3.7bn.
Stamp duty receipts of €1bn were collected so far this year, up by €156m on the same period last year, while capital gains tax generated receipts of €508m during the same period, an increase of €145m on the same period last year.
Capital acquisitions tax receipts totalled €302m. Total motor tax receipts collected stands at €580m, while total customs receipts stands at €348m.
Appropriations-in-aid — which refers to revenue generated by Government departments through fees and other charges — stands at €10.2bn so far this year, with total other revenue reaching €14.9bn.
Total expenditure for the year so far stands at €68.7bn, of which gross voted expenditure accounted for €60.5bn, and non-voted expenditure accounted for €8.3bn.
Voted expenditure is directly approved by the Dáil during the budget proces, while non-voted expenditure is provided for in legislation and is not subject to annual review or Dáil approval.
Total gross voted expenditure has increased by €4.8bn this year and is €300m ahead of where it was expected to be. Current expenditure accounts for €53.2bn, while capital expenditure accounts for €7.3bn — an increase of €3.5bn and €1.3bn respectively.
Costs associated with servicing exchequer debt so far this year stands at €2.3bn — a decrease of €300m.
Last month, the Government unveiled its summer economic statement, which laid out an overall package of €9.4bn for the forthcoming budget, which will be comprised of both tax reductions and public spending increases.
The tax package will amount to €1.5bn, while the spending package will be €7.9bn, an increase of 7.3% on the revised 2025 general expenditure ceiling.
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