From Department of Finance; Department of Public Expenditure, NDP Delivery and Reform
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An Exchequer surplus of €12.8 billion was recorded last year. Excluding one-off corporate tax revenues of just under €11 billion arising from the CJEU ruling of 10 September, the underlying surplus was just €1.8 billion.
On the revenue side of the equation, total tax receipts amounted to €108 billion in the year, or €97.1 billion if CJEU-related receipts are excluded.
In terms of direct taxes, income tax receipts of €35.1 billion last year were €2.2 billion (6.6 per cent) ahead of the previous year, reflecting strong employment and earnings growth. Excluding CJEU-related receipts, corporation tax amounted to €28.1 billion last year, €4.3 billion (17.9 per cent) ahead of 2023.
In terms of indirect taxes, VAT receipts for the year amounted to €21.8 billion, €1.5 billion (7.3 per cent) up on 2023, consistent with solid consumer spending over the course of the year. Excise receipts were €6.3 billion, up by €0.7 billion (11.8 per cent), largely reflecting the unwinding of policy measures over the course of the year.
Total gross voted expenditure for the year amounted to €103.7 billion, up by €9 billion or 9.5 per cent on 2023.
Commenting on the figures, Minister for Finance Jack Chambers said:
“The end-year figures are affected by one-off receipts arising from the Court of Justice of the European Union and so it is important to dig below the surface. When we do this, we see solid growth in income tax and VAT receipts last year; these trends demonstrate the underlying strength of our economy.
“Looking ahead, there are clearly identifiable risks on the horizon. Navigating through these will require a greater focus on competitiveness and on getting the basics right – especially in areas like energy, water, transport and housing. This is why Government is committed to using the proceeds of the CJEU ruling to expand infrastructure in these critical areas.”
Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe said:
“The figures at end-year 2024 reflect the government’s commitment to supporting households and businesses while maintaining fiscal responsibility and safeguarding Ireland’s economic future.
"2024 spending figures reflect the measures introduced as part of Budget 2024, as well as further supports introduced during the year. Measures announced as part of Budget 2025 including the Christmas bonus payment, cost of living lump sum payments and electricity credits have played a key role in easing inflationary pressures for households.
"Significant progress has also been made in housing delivery, with new homes and targeted investment in affordable housing schemes. 2024 capital spending figures show an increase of over 40% in Housing, Local Government and Heritage expenditure over 2023. There was also strong capital investment across other areas, such as our schools building programme as capital spend ramps up.”