Tax collected in first half of year up 7% to nearly €48bn
The amount of money collected in tax in the first half of the year rose almost 7% to €47.7bn compare to the same period last year reflecting strong economic growth despite concerns about the impact of US tariffs.
Most major categories of taxation are performing ahead of or in line with expectations so far in 2025.
Latest Exchequer Returns published by the Department of Finance show when one off payments from iPhone-maker Apple are included tax revenue was €49.5bn to the end of June.
There was an underlying Exchequer surplus of €1.2bn in the first half of the year, a decrease of €1.9bn on the same period last year.
But when the additional money from Apple is included the surplus was €4.5bn in the first six months of the year.
Total spending to the end of June was €58.2bn which included payments of €3bn to the State’s two long term savings funds: the Future Ireland Fund and the Infrastructure, Climate and Nature Fund last month.
So far this year income tax is up 4.3% at €17.4bn broadly in line with expectations.
Corporation tax, which has been highlighted as a concern because of its volatility, was slightly ahead of forecast at €13.1bn up 7.4%.
VAT receipts were also ahead of projections at €11.6bn which is 5.6% up on the same period last year.
Non tax revenue to the end of June was €2.2bn, up €1.9bn on the same period last year due to payments by Apple.
Ministers Paschal Donohoe and Jack Chambers have warned the Budget in the autumn will have to carefully manage spending.
They made the comments the Government published Exchequer Returns showing taxes are broadly in line with expectations driven by strong corporation tax payments in June which recovered after a dip in May.
Both ministers sounded a note of caution about the volatility of corporation tax receipts paid by multinationals.
Minister for Public Expenditure Jack Chambers said the “the risks are here and they are real”.
Minister for Finance Paschal Donohoe the Government had to deliver a “safe and good budget” and had to run surpluses while continuing make payments into two long term savings funds.
Article Source – Tax collected in first half of year up 7% to nearly €48bn