Exchequer surplus narrows as Apple tax windfall distorts annual figures

Once-off Apple tax receipts skew comparisons as underlying corporation tax and overall revenues show strong growth in 2025

A headline exchequer surplus of €7.1bn was recorded in 2025, the government said, with this comparing to a surplus of €12.8bn in 2024, a decline of €5.7bn which was also impacted by revenues arising from the Court of Justice of the European Union (CJEU) ruling on Apple. 

The Government collected €3.6bn in corporation tax in December, bringing total corporation tax receipts for 2025 to €34.7bn.

New figures released by the Department of Finance on Tuesday showed total corporation tax fell by more than €4bn year on year, but noted that 2024 figures were distorted by once-off proceeds from last year’s Apple tax case, which delivered more than €14bn in unpaid taxes to the Exchequer.

Excluding Apple-related receipts, the Government recorded corporation tax receipts of just under €33bn, up more than 17% on a cumulative basis.

The Government recorded a headline Exchequer surplus of €7.1bn in 2025, compared with €12.8bn in 2024, a decline of €5.7bn that also reflected revenues arising from the Court of Justice of the European Union (CJEU) ruling on Apple.

Excluding these revenues in both years, the Department reported an underlying surplus of €3.8bn, an improvement of €2bn.

Total Government tax revenue in 2025 reached €107.4bn, down marginally year on year. However, on an underlying basis excluding CJEU-related proceeds, tax receipts of €105.7bn rose by almost 9%, the Department said.

Gross revenue in 2025 totalled €133.3bn, up 3.2% on 2024.

Meanwhile, total Government expenditure reached €126.2bn. Of this, gross voted expenditure rose to €109.4bn, up 5.5% on 2024.

Non-voted expenditure totalled €16.9bn, an increase of €4.1bn, reflecting a €2bn transfer to the Infrastructure, Climate and Nature Fund.

Income tax 

Income tax receipts totalled €2.8bn in December, flat year on year, while cumulative receipts of €36.6bn rose by more than 4%.

December is not a VAT-due month, with €500m collected. Cumulative VAT receipts of €22.9bn for the year rose by just over 5%.

Excise duty receipts slipped to €500m, a 2.4% decline, but annual excise receipts increased to €6.5bn, up 3% on 2024.

Stamp duty receipts reached €1.9bn, up €200m, while capital gains tax rose to €2.1bn, an increase of €400m. Capital acquisitions tax receipts climbed to €1.1bn, up €300m.

Motor tax receipts in 2025 amounted to €900m, flat year on year, while customs receipts increased to €600m, up €23m.

Speaking on last year's tax revenues, finance minister Simon Harris said: "The exchequer figures for 2025 are a reflection of the fundamental strength of our economy: income tax and VAT receipts, the clearest indicators of our economic performance, are continuing to perform well, while most other revenue streams are in line with expectations.

“As we look towards 2026, this Government is committed to using the resources of the State to improve people’s lives in a sustainable manner."