The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for May 2025 confirming an Exchequer surplus of €4.0 billion to the end of May. This compares to a surplus of €0.8 billion recorded for the same period last year.
Tax receipts collected to the end of May were €38.2 billion, which was €3.0 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 €36.4 billion, an increase of €1.3 billion on the corresponding period in 2024.
Income tax receipts for the month of May were €2.8 billion which was €0.1 billion ahead of receipts collected in May 2024. On a year-to-date basis, receipts to the end of May of €14.5 billion were up by €0.6 billion (4.8 per cent), when compared to May 2024.
Corporation tax receipts of €2.5 billion were collected last month which was a reduction of €1.1 billion on the same month last year. As highlighted in the Fiscal Monitor certain exceptional factors which boosted May 2024 receipts are distorting the year-on-year comparison. On a cumulative basis, receipts of €7.4 billion were up by €1.1 billion on the same period last year. When the once-off CJEU receipts are excluded, cumulative corporation tax receipts to May 2025 amounted to €5.7 billion, down on the same period last year by €0.6 billion.
VAT receipts collected in the May of €3.5 billion represented an increase of €0.1 billion when compared to the same month last year. Cumulative receipts of €11.4 billion were ahead by 5.5 percent on end of May last year.
Commenting on the figures, Minister for Finance, Paschal Donohoe said:
“May is one of the more important months for tax revenues, and the steady growth in most tax headings points to an economy that is in a relatively good position. The most notable feature of the May Exchequer returns was in respect of corporation tax, which saw a marked year-on-year drop. While this reflects once-off factors last year, it nonetheless highlights the degree of concentration in the corporate tax base, wherein a small number of multinational firms can significantly impact on the overall tax yield
In a context of unprecedented uncertainty in the international economic landscape, this serves as a timely reminder of Ireland’s exposure to changes in the global trading environment, and of the vital importance of adhering to a sensible and sustainable budgetary strategy.”
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