Receipts in November were greater than the annual receipts in all years prior to 2018
The total amount of corporation tax collected to the end of November stood at €29.4bn, up almost 15pc on the same period last year.
The latest Exchequer returns show that, despite changes to international tax rules, Ireland is set to continue raking in record amounts of corporation tax until the end of the decade.
The improvement of €2.7bn on the same month last year, excluding the Apple windfall, shows that US multinationals operating here continue to trade strongly despite the global economic turbulence.
This one month of corporation taxes is enough to fully fund Metrolink, or build five over-budget National Children’s Hospitals.
It is double the total amount of corporation tax collected (€4.7bn) in the entire 12 months of 2014, just before a raft of global tax reforms.
Predictions the corporate tax windfall that kicked off in 2015 will end have consistently proved wrong.
However, with the State collecting the tax mostly from a handful of US multinationals based on profits made mostly elsewhere, it remains highly unpredictable.
Total tax revenue to the end of November stood at €98.7bn, and on an underlying basis that is 8.2pc, or €7.3bn, ahead of last year. November is the single most important month of the year for tax collection.
Income tax receipts of €5.1bn were collected in the month, up by €0.4bn or 7.7pc on November of last year.
For the year so far income tax stands at €33.7bn, up by €1.5bn or 4.6pc. This reflects an economy that is still enjoying effectively full employment. The receipts indicate that any increase in unemployment has been offset by higher pay.
November is the last Vat-due month of the year and €3.4bn was collected under this heading, up €300m or over 9pc on last year.
Overall, Vat for the year stands at €22.5bn, up €1.1bn or 5pc on 2024, indicating that there has been no softening of consumer sentiment in 2025, despite the economic uncertainty caused by US President Donald Trump’s tariffs policy, and even though inflation is again edging upwards.
Meanwhile total expenditure to the end of last month was €110.8bn. Of this, gross voted expenditure stood at €97.3bn, which was €5.2bn or 5.7pc ahead of the same period last year, and €0.4bn above profile.
Non-voted expenditure accounted for €13.5bn, up by €2.5bn year-on-year but €2bn of this was transferred into one of the State’s long-term savings funds.
A headline Exchequer surplus of €10.4bn was recorded to the end of November. Excluding the Apple revenues from both this year and last, an underlying surplus of €7.1bn has been recorded. This is up €2.8bn on the same period last year.
In a paper on “fiscal vulnerabilities” published alongside the Exchequer returns by the new Finance Minister, Simon Harris, it is noted that Ireland has experienced very significant taxation and expenditure growth in recent years but there are fiscal “blind spots” that could jeopardise the sustainability of the public finances.
These include the fact that income tax base is very narrow, with 10pc of taxpayers paying 40pc of the tax, and one in three workers not paying any income tax at all. The corporation tax base is also narrow, with the top 10 companies paying 57pc of the total.
Meanwhile, reduced rates and exemptions narrow the Vat base, and €6bn of tax revenue comes from fossil-fuel related sources, which are likely to decline as Ireland moves towards achieving its decarbonisation targets.
Mr Harris said: “Today’s figures are in line with the revised projections for tax revenue that we set out in Budget 2026: strong income tax and Vat returns reflect the strength and resilience of our economy, while corporation tax remains at an elevated level.”
Peter Vale, a tax partner at Grant Thornton Ireland, said overall the Exchequer is in a strong position and looks set to finish the year with another significant surplus.
“With corporation tax returns for large groups set to be boosted by the new 15pc rate next year, 2026 receipts are likely to post another record, potentially hitting €35bn,” he said.
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