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Tax take to end of October up 5.3% on same period last year

The total taxes collected so far this year is 5.3% ahead of the same period last year
The total taxes collected so far this year is 5.3% ahead of the same period last year

Total taxes collected so far this year reached €77 billion, which is 5.3% ahead of the same period in 2024 indicating the economy continues to perform well.

Exchequer Returns from the Department of Finance show that when back taxes from Apple are included, the State collected €78.8bn in the ten months to the end of October.

Last month there was a 165.5% surge in corporation tax compared to October 2024, but this reflected an unexpectedly low tax take in the same month last year.

Excluding money from Apple, so far this year the State has collected €19.3bn in corporation tax an increase of 6.3% on 2024.

Economists have repeatedly warned of the dangers of volatile corporation taxes paid by a small number of multinationals being used by the Government to fund day-to-day spending.

The Exchequer Returns show income tax to the end of October was €28.7bn up 4.1% on the same period last year, which indicates the jobs market remains strong.

Excise receipts so far this year are €5.3bn, up 1.3% on the same period in 2024.

Total spending by Government was €71.9bn so far this year which is 7.6% ahead of 2024.

However, the expenditure is slightly below forecast.

Minister for Finance Paschal Donohoe said: "Today's figures are broadly consistent with the updated fiscal projections published as part of Budget 2026."

He added that those projections included a "substantial upward revision to revenues, mostly on corporation tax".

Minister for Public Expenditure Jack Chambers said: "Capital spend is now up 20.8% year on year, reflecting this Government's continued commitment to enhance our country's infrastructure."

The Irish Fiscal Advisory Council said that growth in current spending so far this year is 6% which is "ahead of the 3.3% assumed in Budget 2026".

It added: "Most areas of spending are growing quickly, but spending in Education, Children and Justice is growing particularly fast."