Revenue prioritises removal of MV Matthew from Cork Harbour after €13.6m cost

Revenue says remedial works on the seized cargo ship are expected to conclude within weeks before departure plans progress

The MV Matthew: 

Revenue has said completing work to facilitate the removal of the MV Matthew from Cork Harbour is a “key priority” as the State’s tax authority published its 2025 annual report.

The MV Matthew was seized by elite Army Rangers off the Cork coast in September 2023, with €157m worth of cocaine on board. It has cost the State more than €13.6m while it remains in the harbour, including €3.3m for berthing, €5.7m for maintenance, and €4.6m for crewing.

Revenue said the removal of the vessel is being prioritised this year. It has completed all registration of title requirements from Panama and was due to carry out a survey and report to obtain certification for the vessel’s departure from Cork. The ship is expected to be removed eventually to a “recycling yard”.

“At this juncture, it is intended to apply for a single voyage exemption to the Panamanian authorities, and to have the vessel towed to a recognised shipyard facility,” said the Revenue report.

“We have engaged a classification company, recognised by the flag state, to undertake a class survey to obtain the necessary certification for departure of the vessel.

“Certain remedial works are also being carried out to facilitate the ship’s departure. These works are estimated to be completed in the coming weeks.”

Overall, expenditure on the administration and collection of taxes and duties, as well as frontier management by Revenue, amounted to approximately €625.1m in 2025.

The cargo ship, MV Matthew, berthed at Marino Point, Cork. Picture: Denis Minihane.

Revenue collections rise to €157bn 

The Revenue 2025 Annual Report showed total gross receipts of €157bn — up almost 3% on 2024 — including €34.9bn collected on behalf of other government departments, agencies, and EU member states.

Net tax receipts were €106.5bn.

Some 4.5 million electronic returns were filed.

Total outstanding debt fell from €3.1bn to €2.3bn during 2025.

“Timely compliance rates remained strong in 2025, at 99% for large and medium cases and 93% for other cases, the second consecutive annual increase,” said Revenue chairman Niall Cody. 

“This reflects the continued culture of strong voluntary compliance in Irish society. We thank taxpayers, businesses, traders, and their agents for their continued co-operation and high levels of compliance throughout 2025.”

On December 31, 2025, there were 18,653 phased payment arrangements worth €1bn in total in place, a system which allows taxpayers to maintain compliance during temporary difficulties. The PPAs included €708m under the debt warehouse scheme, which allowed businesses to defer debts.

Drug and tobacco seizures detailed in annual report 

In 2025, Revenue teams carried out more than 237,000 audit and compliance interventions, yielding €734m, with a further €41.7m yielded from tax avoidance cases.

Enforcement teams seized almost 40,000kg of drugs valued at €191.1m in total.

“Our capability in this space was enhanced in 2025 with the launch of our new Customs cutter, RCC Cosaint, and the opening of the new State facility at Rosslare Europort, which included a high-energy gantry X-ray scanner for advanced vehicle inspections,” the report said.

Revenue seized 46.9 million cigarettes during 2025, with an estimated value of €42.6m, and 23,673kg of tobacco with an estimated value of €21m.

Fuel fraud remains an issue, and Revenue seized 62,737 litres of illicit fuel in 2025.

New EU customs measures on the way 

The report said upcoming changes to Revenue policy include the introduction of a fixed customs duty charge on consignments to individuals valued at less than €150 entering the EU from July 1, 2026, including imports to Ireland from Britain.

An EU customs handling charge to cover the increasing costs of managing e-commerce goods within the EU will begin on November 1, followed by the commencement of an EU customs data hub for e-commerce consignments from mid-2028.

At the end of 2025, Revenue employed 7,139 permanent staff, with 491 additional staff added during the year.