The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for January 2026 which confirms an Exchequer surplus of €0.1 billion in January. This compares to a surplus of €3.6 billion recorded for January 2025. When receipts arising from the Court of Justice of the European Union (CJEU) ruling in the Apple State Aid case are excluded, a decline of €1.8 billion was recorded in the underlying Exchequer balance. This reduction is mainly due to transfers to the Future Ireland Fund (FIF) and Infrastructure, Climate and Nature Fund (ICNF).
Tax receipts collected in January were €8.5 billion, which was €1.7 billion lower than the same period last year. Excluding the once off receipts arising from the CJEU ruling in the Apple State aid case, total tax receipts were up slightly on last year, by 0.6 percent.
Income tax receipts of €3.0 billion were recorded in January, one percent ahead of January 2025. Corporation tax receipts for January 2026 were €58 million reflective of the fact that January is not generally a significant month for corporation tax.
However, January is generally that strongest VAT month of the year as it includes the Christmas trading period and receipts of €4.2 billion were collected in the month, up by 3.3 percent compared to January 2025.
Commenting on the figures, Tánaiste and Minister for Finance, Simon Harris said:
“The January returns show that receipts were up by around 2 per cent once technical factors are accounted for. VAT receipts in January – which capture the Christmas period – were solid, pointing to the underlying strength in our economy.
Income tax growth was slightly lower, which may in part reflect more taxpayers claiming reliefs. More broadly, our labour market remains in good shape, with average wage growth of around 4 to 5 percent in recent quarters and wages continuing to rise at a level well above inflation”.
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