The Department of Finance and the Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation have published the Fiscal Monitor for May 2026 confirming an Exchequer deficit of €2.3 billion to the end of May. This compares to a surplus of €4.0 billion recorded for the same period last year, representing a decrease of over €6 billion year on year.
When the Apple State Aid receipts are excluded, the underlying Exchequer balance fell by €3.0 billion, a decline primarily attributable to transfers to the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. Tax receipts collected to the end of May were €38.7 billion, an increase of 6.1 percent on the same period in 2025.
Income tax receipts for the month of May were €3.2 billion which was €0.4 billion ahead of receipts collected in May 2025. On a year-to-date basis, receipts to the end of May 2026 of €15.6 billion were also ahead of the same period last year by €1.1 billion.
Continuing the trend seen in previous months, corporation tax receipts of €2.7 billion were collected in May, an increase of €0.2 billion on the same month last year. On a cumulative basis to end of May 2026, receipts of €6.2 billion were up by €0.5 billion on the same period last year.
VAT receipts collected in May of €4.0 billion is reflective of May being a VAT due month and cumulative receipts of €12.2 billion were ahead by 7.1 percent on end of May last year.
Commenting on the figures, Tánaiste and Minister for Finance, Simon Harris said:
“Today’s Exchequer returns are a further indicator that, despite all the turmoil in the global economic landscape, Ireland’s economy remains remarkably resilient.
The robust growth in income tax and VAT receipts, in particular, point to the success of this Government’s budgetary strategy, which is supporting households and businesses and protecting jobs in a time of exceptional uncertainty.
However, we are conscious too that people are worried about the impact of the conflict in the Middle East on their daily lives and their living expenses.
Over the course of the next few weeks, this Government will put in placing the building blocks for Budget 2027 – a budget that will support working families and ensure people keep more of their hard-earned earnings each month.”
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