Strong growth in tax revenues reported for third quarter of 2024

Tax revenues for the third quarter of 2024 were €23.4 billion, according to the recent September Exchequer figures. The figure represents a €3 billion increase (or 14.4 percent) on the same period last year. Aggregate tax receipts in the year-to-date are €68.2 billion, ahead of last year by €6.8 billion (or 11 percent), with the over-performance largely due to corporation tax receipts. An Exchequer surplus of €5 billion was recorded to end-September. 

The breakdown of tax revenues is as follows:  

• Income tax receipts were €24.8 billion to end-September, €1.6 billion, or 7.1 percent higher than the same period last year.

• VAT receipts to end-September were steady at €17.9 billion, €1.2 billion (7 percent) higher than the same period last year.

• Although corporation tax receipts of €1.5 billion for September were down €0.2 billion (or 13.3 percent) on the same month last year, cumulatively receipts of €17.8 billion to end-September were €3.4 billion (23.3 percent) ahead of the same period last year. 

Total gross voted expenditure to end-September amounted to €72.1 billion, €7.7 billion (12 per cent) above the same period in 2023 and €2.9 billion or 4.2 per cent above profile. 

Commenting on the figures, the Minister for Finance, Jack Chambers TD said:  

“The tax figures published today largely continue a pattern of robust growth that we have seen throughout the year, and provide further evidence of the fundamental strength of our economy. 

Of course, the stand-out feature in the tax performance has been corporation tax. Even as receipts in the year to date remain well ahead of initial expectations, the decline this month reminds us of the volatility associated with this revenue stream, and why this Government has acted to mitigate our exposure to these receipts through the establishment of the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. 

Budget 2025, which Minister Donohoe and I presented to the Oireachtas on Tuesday, sets out a balanced and sustainable pathway for our public finances with allows us to continue to invest in our public services and infrastructure without relying on ‘windfall’ tax revenues.”