Exchequer surplus falls to just €100m in January

Excluding last year's €1.7bn Apple tax proceeds, Ireland's total tax revenues rose slightly by €48m year-on-year

Finance Minister Simon Harris. Transfers to Ireland's State wealth funds and an increase in expenditure — amid only slightly higher tax receipts — brought the Government surplus down to €100m in January. File picture

Transfers to the Government’s wealth funds and an increase in expenditure during January has seen the exchequer record a surplus of just €100m as tax revenues remained largely flat compared to the same period last year, new figures show. 

According to the latest exchequer returns, tax revenue for the month stood at €8.5bn — which is down by €1.7bn compared to January 2025. 

Apple tax 

However, tax receipts last year were impacted by proceeds from the Apple tax case from September 2024, with Revenue receiving €1.7bn from the tech giant in January.

Once the receipts from the ruling are excluded, total tax receipts were up slightly by €48m.

Income tax

Income tax receipts for the month stood at €3bn, up €30m. 

Corporation tax

January is not a significant month for corporation tax receipts — €52m was taken in, which was down by €32m.

Vat 

January is a Vat-due month and generally the strongest Vat month of the year, encompassing the Christmas trading period. 

Receipts of €4.2bn were collected in the month, up by €100m.

Excise duty

Excise duty raised €500m, stamp duty raised €158m, while capital gains tax raised €110m. 

Other taxes

In addition, capital acquisitions tax collected in January amounted to €24m, while motor tax and customs receipts collected reached €85m and €46m respectively.

Gross revenue in January stood at €11.9bn, a decrease of €1.4bn, with non-tax revenue and capital resources generating €1.8bn of that revenue.

Appropriations-in-aid of €1.6bn brought total other revenue to €3.4bn.

State spent €11.8bn in January 

Total expenditure for January was €11.8bn. Of this, gross voted expenditure stood at €9.7bn, which was €500m ahead of January 2025. 

Non-voted expenditure accounted for €2.1bn, up by €1.6bn on the same period in 2025, due to the transfers to the Future Ireland Fund and Infrastructure, Climate and Nature Fund, totalling €1.6bn.

Exchequer debt service costs in January stood at €6m, down by €25m year-on-year.