The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for October 2025 confirming an Exchequer deficit of €0.9 billion to the end of October. This compares to a surplus of €1.3 billion recorded for the same period last year and is impacted by receipts arising from the Court of Justice of the European Union (CJEU) ruling in the Apple State Aid case. When these receipts are excluded from total receipts in 2024 and 2025, an underlying deficit of €4.2 billion was recorded which represents a deterioration of €2.3 billion on the same period last year.
Tax receipts collected to the end of October were €78.8 billion, which was €2.4 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 €77.0 billion, an increase of €3.8 billion on the corresponding period in 2024.
Income tax receipts for the month of October were €2.9 billion which was a reduction of €0.2 billion on receipts collected in October 2024. On a year-to-date basis, receipts to the end of October of €28.7 billion were up by €1.1 billion, when compared to end of October 2024.
Corporation tax receipts of €1.1 billion were collected in October, a decrease of €2.4 billion on the same month in 2024. On a cumulative basis, receipts of €21.1 billion were down by €0.3 billion on the same period last year. When the once-off CJEU receipts are excluded, cumulative corporation tax receipts to October 2025 amounted to €19.4 billion, up on the same period last year by €1.1 billion.
October is not a VAT due month, with modest VAT receipts collected of €0.3 billion. Cumulative receipts of €19.1 billion were ahead by 4.3 percent on end of October last year.
Commenting on the figures, Minister for Finance, Paschal Donohoe said:
“Today’s figures are broadly consistent with the updated fiscal projections published as part of Budget 2026. Those projections, which I published on Budget Day, incorporated a substantial upward revision to revenues, mostly on corporation tax.”
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