Bumper corporate tax haul in November sees Government surplus swell to over €10bn

Finance minister Simon Harris. Corporation tax receipts of €10bn were collected in November, an increase of €2.7bn on the same month last year.
Picture: Leah Farrell

A significant surge in corporation tax during November has seen the Government’s surplus for the year so far swell to over €10bn, the latest exchequer returns show.

According to the returns for last month, the Government has recorded a surplus of €10.4bn for the year to the end of November. 

While this is €3.4bn lower than the same period last year, both 2024 and 2025’s figures are heavily impacted by the outcome of the Apple tax ruling in September last year.

Excluding these Apple tax EU court case proceeds, the Government has recorded an underlying surplus of €7.1bn — an improvement of €2.8bn on the same period last year.

This is a significant increase from the end of October, up until which the Government recorded a deficit of €900m and if the Apple case receipts were excluded, the deficit was as high as €4.2bn.

However, a bumper November for corporate tax receipts bolsters the Government’s coffers.

Corporation tax receipts of €10bn were collected in November, an increase of €2.7bn on the same month last year when the proceeds from the court case are excluded. 

On a cumulative basis, receipts of €31.1bn have been collected this year with the Apple tax case proceeds accounting for €1.73bn.

Income tax receipts of €5.1bn was collected during November — up by €400m — bringing the total collected so far this year to €33.7bn, an increase of €1.5bn.

November is a non-Vat due month with receipts of €3.4bn collected. 

Cumulative receipts of €22.5bn have been collected this year, up by €1.1bn.

Excise duty receipts stood at €600m for the month, reaching €6bn for the year so far, while stamp duty receipts have reached €1.7bn, with capital gains tax hitting €900m. 

Motor tax receipts to end-November amounted to €859m.

Gross revenue so far this year stood at €121.2bn, an increase of €4.3bn year-on-year. 

Total tax revenue in the year to the end of November stood at €98.7bn — which is €400m behind the same period last year. 

Excluding the Apple tax case proceeds, receipts are €7.3bn ahead.

Non-tax revenue and capital resources for the year stood at €5.8bn, while appropriations-in-aid of €16.7bn brought total other revenue to €22.5bn.

Total expenditure for the year so far stands at €110.8bn. 

Of this, gross voted expenditure stood at €97.3bn which was €5.2bn ahead of the same period last year. 

Non-voted expenditure accounted for €13.5bn, up by €2.5bn.