Tax receipts of €58.0 billion were collected to the end of July, an increase of €5.6 billion (10.8%) compared with the same period in 2024. When the once-off €1.7 billion tax revenues from the CJEU ruling of September 10th 2024 are excluded, underlying tax revenues stood at €56.2 billion, representing a €3.9 billion (7.5%) rise year-on-year.
Income tax receipts in July reached €2.9 billion, up €0.1 billion (1.8%) on July 2024. Cumulatively, income tax receipts now total €20.3 billion, an increase of €0.8 billion (3.9%) over last year.
VAT receipts, with July being a due month, came to €3.3 billion, which is €46 million (1.4%) higher than the same month last year. Overall, cumulative VAT receipts are now €14.9 billion, €0.7 billion (4.8%) ahead of 2024.
While July is not typically a significant month for corporation tax, receipts of €1.2 billion were collected, a sharp rise of €0.9 billion compared with July 2024—highlighting the pronounced month-to-month volatility of this highly concentrated revenue stream. Cumulatively, and excluding the CJEU-related receipts, corporation tax has brought in €14.3 billion, up €1.8 billion (14.1%) year-on-year.
Non-tax revenue to the end of July was €2.3 billion, a rise of €1.9 billion compared with last year, largely due to CJEU-related transfers to the Exchequer (mainly interest payments).
Total gross voted expenditure amounted to €60.5 billion, €4.8 billion (8.6%) higher than the same period in 2024 and €0.3 billion (0.6%) above profile.
At headline level, the Exchequer recorded a €4.1 billion surplus by the end of July, compared with €3.4 billion last year—an improvement of €0.7 billion. Excluding the once-off CJEU receipts, the underlying surplus was €0.8 billion, which is €2.5 billion lower than the same period last year.
Minister for Finance, Paschal Donohoe T.D., commented:
“Today’s figures show that in terms of tax revenue we are, broadly speaking, where we expected to be at this point in the year: the clear exception is corporation tax, which, at least for now, is well ahead of last year.
As I have said many times, we cannot assume these overperformances will continue indefinitely, particularly in the context of a deeply uncertain international trading environment. In June, Government transferred some €3 billion in excess corporation tax was transferred into the Future Ireland Fund and Infrastructure, Climate and Nature Fund, and by the end of this year there will be €16 billion invested to help us prepare for future challenges.”
Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers T.D., said:
“The Exchequer return spending figures for July show gross spending of €60.5 billion. Spending has increased by 8.6% on this time last year and is broadly in line with the amount profiled by departments to be spent at this stage in the year. Expenditure to this point in the year reflects sustained investment in our public services and infrastructure. However, to effectively manage overall expenditure for the reminder of the year, it will be important that key spending departments such health, education and housing remain within the agreed allocation for 2025.
Of particular note in today’s figures is expenditure on capital infrastructure projects. Departments have spent almost €7.3 billion to end July, an increase of over 21% year on year, underscoring Government commitment to infrastructure delivery to strengthen our economy and society for the longer term. This is reflected in the National Development Plan review recently published by my department, which provides funding certainty for departments for the next 5 years and will support targeted investment in the critical, growth enabling infrastructure projects.
Looking at expenditure beyond 2025, I will shortly publish a Medium-Term Expenditure Framework, a multi-year public expenditure planning exercise. It will complement the annual budgetary process and will be used to inform future requirements for existing services, and to assess the resource implications of future policy decisions over the period 2025-2030.”
