Exchequer surplus to the end of July rises, but drops if Apple tax money excluded
Exchequer receipts up to the end of July, which were released on Wednesday, show that the €4.1bn surplus compares to a surplus of €3.4bn recorded in the same period last year.
However, the Department of Finance says that "when receipts arising from the Court of Justice of the European Union (CJEU) ruling of September 10 are excluded, the underlying Exchequer position was in a surplus of €0.8bn, a decrease of €2.5bn on the same period last year".
Overall tax revenue at the end of last month stood at €58bn, which was €5.6bn (10.8%) ahead of the same period last year. However, when once-off tax revenues arising from the CJEU ruling are excluded, underlying tax receipts of €56.2bn were up by €3.9bn (7.5%).
Overall gross revenue stood at €72.8bn, an increase of €8.9bn (13.8%) compared to July 2024, while non-tax revenue and capital resources for the year stood at €4.6bn, up by €2.8bn on July 2024, again "primarily driven by transfers to the Exchequer arising from the CJEU ruling" and mainly consist of EU interest on the funds.
Overall total expenditure to the end of July was €68.7bn. Of this, gross voted expenditure, which encompasses the ordinary services of government (health, social protection, education etc) stood at €60.5 billion, which was €4.8 billion (8.6%) ahead of the same period last year.
Non-voted expenditure like EU contributions or servicing the national debt, accounted for €8.3 billion, up by €3.3 billion on the same period in 2024. This is due in large part to the transfer of €3 billion to the Future Ireland Fund and Infrastructure, Climate and Nature Fund.
Income tax receipts of €2.9 billion were collected in July, up by €0.1 billion (1.8%) on the same month last year. On a cumulative basis, receipts to end-July of €20.3 billion were up by €0.8 billion (3.9%) on end-July 2024.
Corporation tax receipts of €1.2 billion were collected in July, up by €0.9 billion on the same month last year. On a cumulative basis, receipts of €16.0 billion were up by €3.5 billion on the same period last year.
When once-off CJEU revenues are excluded, cumulative corporation tax receipts to end-July amounted to €14.3 billion, up by €1.8 billion (14.1%) on the same period last year.
July is a VAT-due month and receipts of €3.3 billion were up on the same month last year by €46 million (1.4%), but excise duty receipts of €0.6 billion were down on July last year by €0.1 billion (9.6%).
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