The Department of Finance and the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation have published the Fiscal Monitor for March 2026 which confirms an exchequer deficit of €0.2 billion in the first quarter of 2026. This compares to a surplus of €4.1 billion recorded for the same period last year.
Although the underlying Exchequer balance fell by €1.2 billion (excluding Apple State Aid receipts), this decline is largely attributable to transfers to the Future Ireland Fund and the Infrastructure, Climate and Nature Fund.
The combined tax receipts collected in the first quarter of 2026 were €22.6 billion. While this was €1.0 billion lower than the same period last year, if the once off receipts arising from the Apple case are excluded, then total tax receipts were up on last year by €0.7 billion.
Income tax receipts for the quarter were €8.7 billion which was an improvement of €0.5 billion (6.1 percent) on the same period in 2025.
Corporation tax receipts of €2.1 billion were collected in the month of March which was an increase on the same month last year by €0.1 billion. On a cumulative basis, receipts of €2.9 billion were marginally lower than the first quarter in 2025, down by €0.1 billion.
VAT receipts for the first quarter of 2026 were €8.0 billion ahead of the same period last year by €0.4 billion.
Commenting on the figures, Tánaiste and Minister for Finance, Simon Harris said:
“All in all, the performance of tax revenues in the first quarter of the year was robust. The continued strength in income tax and VAT is a testament to the fundamental resilience of the Irish economy. This is of course a period of profound uncertainty.
The uncertainty in the international environment also underlines the importance of keeping our approach to overall budgetary policy balanced and sustainable. This is the best way to ensure we have the necessary resources to respond swiftly and decisively to future challenges”
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