Corporation tax receipts for the first 11 months of the year rose by €3.8 billion (14.9%) to €29.4bn when compared with the same period last year, according to the latest Exchequer returns.
€10bn in corporation tax was collected in November alone, which was €2.7bn more than the same month in 2024.
These numbers exclude back taxes paid to the State by Apple, which can distort the figures.
When the Apple taxes are included, corporation tax receipts for January to November reached €31.1bn, €3.9bn lower than the same period last year, which included €9bn in payments from Apple.
Income tax receipts of €33.7bn for the first 11 months of the year were up by €1.5bn (4.6%) on January-November 2024.
Meanwhile, €22.5bn in VAT has been collected so far this year, which is €1.1bn (5%) ahead of the same period last year.
Excise duty receipts from January to November amounted to €6bn (up 3.5%).
Overall, the Exchequer recorded a surplus of €10.4bn between January and November, which was down by €3.4bn on the same period last year.
However, if the Apple back taxes are excluded the underlying surplus drops to €7.1bn, representing a €2.8bn improvement, on a like-for-like basis.
The State’s tax take for the year so far stands at €98.7bn, which is down €400 million (0.4%) on January-November 2024.
When the Apple tax is excluded, tax receipts for November were €7.3bn (8.2%) ahead of last year.
According to the Exchequer Returns, the State’s total expenditure for the year so far stands at €110.8 billion.
Together with the Exchequer figures, the Department of Finance has published a ‘fiscal vulnerability paper’ outlining what it says are “the fiscal blind-spots that could jeopardise the sustainability of the public finances”.
This document highlights a narrow tax base, with 10% of taxpayers paying 40% of total income tax collected, and one-third of taxpayers outside the income-tax net.
Regarding corporation tax the paper says the tax base is also narrow, with the top-10 companies paying 57% of total corporation tax.
It also notes that €6 billion of revenue is yielded from fossil-fuel related tax, “with these revenues likely to decline as Ireland achieves its decarbonisation objectives”.
The paper says that while tax take is up 60% since 2019, expenditure has risen by 44% over the same period.
It says “future spending commitments made by Government must be cognisant of the vulnerabilities of the Irish taxation system”, and that “the forthcoming medium-term fiscal plan will assist this, setting out how Programme for Government commitments will be delivered in a sustainable fashion”.
Tánaiste and Minister for Finance Simon Harris said the latest Exchequer Returns for November show “a strong Irish economy” and that corporation tax is “continuing to perform in a very buoyant fashion, but also at an elevated fashion”.
Minister Harris said: “That’s why it’s important that we don’t just look to the headline figures, but that we also look to the potential vulnerabilities.
“It’s why we need to continue to run a budget surplus. It’s why we need to continue to set money aside to those funds to provide a buffer for any shock the Irish economy may encounter into the future.”
Together with the Exchequer figures, the Department of Finance today also published a ‘fiscal vulnerability paper’ outlining what it says are “the fiscal blind-spots that could jeopardise the sustainability of the public finances”.
It follows recent criticism from the Irish Fiscal Advisory Council (ifac) that the Government has been “budgeting like there’s no tomorrow”.
The Minister for Finance said the Fiscal Advisory Council “are correct.
“We as a Government now need to publish a new medium-term fiscal framework to anchor spending and taxation for the next number of years.
The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers said November saw a sustained level of capital expenditure.
“While this historic level of funding for infrastructure is vital to allow progress in our country, there is also an urgent need to address the blockages and delays that are hindering project delivery,” said Mr Chambers.
“To build more homes, we need to ensure that our critical growth-enabling infrastructure, particularly water, energy and transport, is allowed to proceed at pace,” he said.
Commenting on today’s figures for November, Orla Gavin, Head of Tax at KPMG said it is clear that it’s another record year for underlying Corporation Tax receipts, while earlier concerns about US tariffs impacting Irish tax receipts have not materialised to date.
“Income Tax and VAT receipts both posted strong gains compared to last year, with Income Tax rising by €1.5 billion (4.6%) on the back of strong labour force and wage growth, and VAT increasing by over €1 billion (5%) due to price inflation and sustained consumer demand,” she said.
“However, this robust tax performance was set against a backdrop of rising unemployment, which reached 5%, and inflation climbing to 3.2% in November 2025, with both figures surpassing expectations. Factors include a youth population surge, tourism slowdown, AI disruption, migration, and higher grocery and energy costs,” said Ms Gavin.
