Total tax receipts rise to €126bn in 2024 

Last year saw income tax amount to almost €30bn, while corporation tax totalled €28bn

General government taxes continue to grow steadily and in 2024 were double the levels seen 10 years ago. Photo: Gareth Chaney

The Irish exchequer collected €126bn in tax revenue in 2024, more than double the State's total tax revenue a decade ago.

Figures released by the Central Statistics Office (CSO) on Monday show these receipts made up more than 85% of all general government revenues. 

More than half of taxes came from direct taxes, the CSO found. This included income tax amounting to almost €30bn and corporation tax of more than €28bn.

"Today’s release shows continued growth in tax receipts and Pay Related Social Insurance (PRSI)," said CSO statistician Elaine O'Sullivan. 

"General government taxes continue to grow steadily and in 2024 were double the levels seen 10 years ago. Much of this growth occurred in more recent years and can be attributed to income tax and corporation tax revenues."

Corporation tax revenue was 18% higher than it was in 2023, the CSO noted, adding: "At the beginning of the series, in 1995, corporation tax revenues accounted for 8% of total tax revenues. This compares with 22% in 2024 and much of this increase occurred in more recent years."

It also noted that since 2015, income tax receipts have doubled, while receipts from corporation tax have seen a four-fold increase, reflecting "strong growth in the economy over this time."

Meanwhile, taxes of products accounted for 25% of total tax revenue, including Vat at €22bn, up by 8% compared to the previous year, and excise duties of €6bn.

For the third year in a row, there has been a decrease in the revenues from excises on tobacco and alcohol products, the CSO said. 

Last year saw alcohol and tobacco products make up 34% of excise duty at €2.2bn, with 31% coming from hydrocarbon products such as petrol and diesel. 

PRSI receipts also rose in the year, up 9% to €17bn, the CSO found.