Ireland's Tax Receipts Hit €50 Billion by June, Driven by Corporation Tax

Ireland's government finances were strengthened by strong tax receipts in June, with total tax revenue reaching €50 billion in the first six months of the year. This marks a 1.2 per cent increase (€574 million) compared to the same period last year. Excluding one-off receipts from the 2024 Apple tax ruling, total tax receipts rose by €2.3 billion, or 4.8 per cent.

Corporation tax receipts continued to grow, generating €7.5 billion in June, up nearly €100 million (1.3 per cent) from June last year. June is a key month for business tax, reflecting companies with December financial year-ends, including major tech firms like Google, Meta, Microsoft, and Intel. Cumulatively, corporation tax contributed €13.7 billion for the period, an increase of €615 million (4.7 per cent).

Income tax receipts also performed strongly, reaching €2.9 billion in June and €18.6 billion for the year to date, €1.2 billion (6.7 per cent) ahead of last year. VAT receipts, though June is a non-VAT month, totaled €12.5 billion for the six-month period, €868 million ahead of last year.

Looking ahead, 2026 will see the first «top up» payments from the new 15 per cent global minimum tax rate, agreed under an OECD international tax agreement in 2021. This higher rate is estimated to yield an additional €5 billion for the exchequer. On the spending side, total gross voted expenditure reached €54.4 billion by the end of June, up €3.5 billion (6.9 per cent) from last year. The Irish Fiscal Advisory Council warns that day-to-day public spending overruns could exceed €1 billion this year, with further overruns expected in health and social protection.