Corporate tax receipts rise over 165% during October
Finance minister Paschal Donohoe said the figures are 'broadly consistent' with fiscal projections published as part of the budget.
Corporation tax receipts during October increased by 165% compared to the same month last year, bringing the total accumulated so far in 2025 to €19.38bn, the latest Exchequer returns show.
Overall, the Exchequer has recorded a deficit in the year to the end of October of €900m. This compares to a surplus of €1.3bn during the same period in 2024.
Total tax receipts continue to be skewed by the ruling in the Apple tax case from the Court of Justice of the European Union (CJEU) in September 2024. October last year was the first month in which these proceeds started showing up in the Exchequer returns.
Excluding these revenues from both 2025 and 2024, an underlying deficit of €4.2bn was recorded. This is a deterioration of €2.3bn in the same period last year.
During October 2024, the Exchequer took in €426m in corporation tax with an additional €3.14bn coming from the court’s ruling. In October this year, €1.13bn was taken in, representing a 165.5% increase year-on-year.
Finance minister Paschal Donohoe said the figures are “broadly consistent” with fiscal projections published as part of the budget.
“Those projections, which I published on Budget Day, incorporated a substantial upward revision to revenues, mostly on corporation tax. However, as I have said many times this remains a highly volatile revenue stream and elevated levels of receipts cannot be relied upon to continue indefinitely.”
Proceeds from the Apple tax case continued to show up in the Exchequer returns for the first few months of 2025 but most of it was transferred through the end of 2024.
This subsequently impacts the overall Exchequer returns year-on-year comparisons.
As a result, on a cumulative basis, corporation tax receipts of €21.1bn have been taken in so far this year which is a decline of €300m over 2024.
However, once the money owed from the CJEU ruling is removed, corporation tax receipts are actually up 6.3% year-on-year to €19.38bn.
In total, €78.8bn in tax revenue was generated in the first 10 months of the year which is an increase of €2.4bn year-on-year.
Income tax receipts are up 4.1% so far this year to €28.7bn, with €2.9bn being taken in October.
October was a non-Vat due month with receipts hitting just €300m bringing the total accumulated so far this year to €19.1bn — up by 4.3% or €800m. Excise duty receipts for the month stood at €600m, down by €100m, bringing the total for the year to €5.3bn.
Total revenue generated from Stamp Duty, capital gains tax, motor tax, and customs receipts hit €1.7bn, €696m, €803m, and €502m respectively.
In terms of expenditure, the Government has spent €100.3bn so far, of which €87.1bn was gross voted expenditure, up €6.2bn, while non-voted expenditure hit €13.2bn, up €2.6bn.
The increase in the non-voted expenditure reflects the transfer of €2bn to the Infrastructure, Climate and Nature Fund this year. Gross voted capital expenditure is up by €1.9bn to €11.2 billion.
Public expenditure minister Jack Chambers said current spending is “broadly in line with our plans at this point of the year, at just 0.4% ahead of profile”.
“Capital spend is now up 20.8% year-on-year, reflecting this government’s continued commitment to enhance our country’s infrastructure.” Debt servicing costs are currently €26m higher than last year with the total spent in 2025 hitting €2.9bn.
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