The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for August 2025 confirming an Exchequer surplus of €3.2 billion to the end of August. This compares to a surplus of €3.8 billion recorded for the same period last year.
Tax receipts collected to the end of August were €64.1 billion, which was €4.4 billion higher than the same period in 2024. Excluding the once off receipts from the Court of Justice of the European Union (CJEU) judgement in the Apple State Aid case, total receipts amounted to €62.4 billion, an increase of €2.6 billion on the corresponding period in 2024.
Income tax receipts for the month of August were €2.9 billion which was €0.3 billion ahead of receipts collected in August 2024. On a year-to-date basis, receipts to the end of August of €23.2 billion were up by €1.0 billion (4.7 per cent), when compared to end of August 2024.
Corporation tax receipts of €2.1 billion were collected in August, which is down by €1.6 billion on the same month in 2024. The publication notes that this reflects a ‘base effect’ i.e. an exceptionally strong August return last year. On a cumulative basis, receipts of €18.2 billion were up by €1.9 billion on the same period last year. When the once-off CJEU receipts are excluded, cumulative corporation tax receipts to August 2025 amounted to €16.4 billion, up on the same period last year by €0.2 billion.
VAT receipts collected in the month of €0.4 billion reflecting the fact that August is a non-VAT due month. Cumulative receipts of €15.2 billion were ahead by 4.8 percent on end of August last year.
Commenting on the figures, Minister for Finance, Paschal Donohoe said:
“Today’s figures have provided a reminder of the vulnerability in our corporation tax base, with a steep fall this month – while this had been anticipated after a very strong August last year, corporation tax is now only marginally ahead of 2024 (when once-off CJEU receipts are excluded).
Other revenue streams, particularly income tax and VAT receipts, have been performing steadily and are broadly in line with expectations for this point in the year, reflecting the underlying strength of our economy”.
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