The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for September 2025 confirming an Exchequer surplus of €1.4 billion to the end of September. This compares to a surplus of €5.0 billion recorded for the same period last year. When receipts arising from the Court of Justice of the European Union (CJEU) ruling in the Apple State Aid case are excluded, an underlying Exchequer deficit of €1.9 billion was recorded, a deterioration of €6.9 billion on the same period last year.
Tax receipts collected to the end of September were €73 billion, which was €4.8 billion higher than the same period in 2024. Excluding the once off receipts from CJEU judgement in the Apple State Aid case, total receipts amounted to €71.3 billion, an increase of €3.1 billion on the corresponding period in 2024.
Income tax receipts for the month of September were €2.5 billion which was a reduction of €0.1 billion on receipts collected in September 2024. On a year-to-date basis, receipts to the end of September of €25.8 billion were up by €1.0 billion (4.0 per cent), when compared to end of September 2024.
Corporation tax receipts of €1.8 billion were collected in September, an increase of €0.3 billion on the same month in 2024. On a cumulative basis, receipts of €20.0 billion were up by €2.2 billion on the same period last year. When the once-off CJEU receipts are excluded, cumulative corporation tax receipts to September 2025 amounted to €18.2 billion, up on the same period last year by €0.4 billion.
September is a VAT due month, with VAT receipts collected of €3.6 billion representing an increase of €0.2 billion when compared to the same month last year. Cumulative receipts of €18.8 billion were ahead by 4.8 percent on end of September last year.
Commenting on the figures, Minister for Finance, Paschal Donohoe said:
“Today’s figures show that tax revenue growth in the year to date has been broadly steady, which is a positive sign of the underlying strength of our economy as we prepare to announce Budget 2026.
I would also highlight the transfers we have made to the Future Ireland Fund and the Infrastructure, Climate and Nature Fund this year: the total in both funds now stands at over €16 billion, clearly demonstrating this Government’s commitment to building up our buffers for the future”
The Minister for Public Expenditure, Public Service Reform and Digitalisation, Jack Chambers, outlined that capital spending is up by nineteen percent year on year and that the White Paper, published last Friday, reflects the €108.7 billion gross expenditure ceiling for 2025.
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