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

A strong rise in November’s corporation tax receipts has transformed the State’s position, reversing earlier deficits and strengthening public finances

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 in November has pushed the Government’s surplus for the year to over €10bn, the latest Exchequer returns show.

According to the returns, 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 affected by the outcome of the Apple tax ruling in September last year.

Excluding the 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 marks a significant shift from the end of October, when the Government recorded a deficit of €900m. Excluding the Apple case receipts, the deficit then stood at €4.2bn.

However, a bumper November for corporate tax receipts boosted 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 Apple-related receipts are excluded.

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

Income tax receipts of €5.1bn were collected in 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 VAT 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 to the end of November stood at €98.7bn — €400m below the same period last year.

Excluding the Apple tax 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, €5.2bn higher than the same period last year.

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