Exchequer Swings from €2.8 Billion Surplus to €4.7 Billion Deficit by April

Ireland's Exchequer shifted from a €2.8 billion surplus in April last year to a €4.7 billion deficit by end-April this year, a €7.5 billion swing, according to the Department of Finance. The government notes this figure is skewed by one-off Apple Tax windfall revenues in 2023 and €3.3 billion in transfers this year to the Future Ireland Fund (FIF) and Infrastructure, Climate and Nature Fund (ICNF). Nearly €20 billion has now been invested in long-term savings funds.

Adjusting for these factors, the deficit would be €4.2 billion. Total tax revenue to end-April was €28.0 billion, €0.6 billion (2.1%) behind last year. Excluding one-off receipts, tax revenues were up €1.1 billion (4.2%). Gross revenue decreased by €2.0 billion (5.2%) to €36.5 billion.

Income tax receipts in April were €3.7 billion, up €0.2 billion (4.8%) from April 2023, with cumulative receipts at €12.4 billion, up €0.7 billion (5.7%). Corporation tax receipts for April were €0.5 billion, up €0.4 billion from last year, bringing cumulative receipts to €3.5 billion, an increase of €0.3 billion (8.6%). Excise duty receipts in April were €0.6 billion, down €21 million (3.6%).

Tánaiste and Minister for Finance, Simon Harris, called the returns encouraging, citing Ireland's economic resilience. He highlighted record employment and strong income, VAT, and corporation tax growth, with total April tax revenues at €5.3 billion, up almost 8% year-on-year.