Exchequer surplus down year on year to €1.4bn

By Cillian Sherlock, PA

There would have been an underlying €1.9 billion Exchequer deficit at the end of September if Apple tax receipts were not included, according to the latest data.

An Exchequer surplus of €1.4 billion was recorded to the end of September, down significantly from the €5 billion recorded at the same point last year – and follows major transfers to long-term investment funds.

Ireland has recovered more than €13 billion – plus interest – in corporation tax from Apple after the European Commission successfully argued the US tech giant had been given undue tax benefits that were illegal under EU state aid rules.

When receipts arising from the Court of Justice of the European Union (CJEU) ruling on Apple taxes are excluded, an underlying Exchequer deficit of €1.9 billion was recorded – a deterioration of €6.9 billion on the same period last year.

The latest Exchequer returns came ahead of Tuesday’s Budget.

The data also shows that tax revenue to the end of September was €73 billion – €4.8 billion or 7.1 per cent ahead of of the same period last year.

However, this was improved by one-off tax revenues arising from the CJEU ruling which, when excluded, left underlying tax receipts of €71.3 billion.

Gross revenue to the end of September was €91.2 billion, an increase of €8.1 billion compared with the same month last year.

Non-tax revenue and capital resources for the year were €4.8 billion, up by €2.5 billion on last year, primarily driven by transfers to the Exchequer arising from the CJEU ruling.

Appropriations-in-aid of €13.4 billion brought total other revenue to €18.2 billion

Total expenditure to the end of September was €89.8 billion.

Of this, gross voted expenditure was €77.5 billion, which was €5.4 billion, 7.6 per cent ahead of the same period last year.

Non-voted expenditure accounted for €12.3 billion, up by €6.3 billion on the same period in 2024.

This reflects the transfer of €6.1 billion to the Future Ireland Fund and the Infrastructure, Climate and Nature Fund this year.