The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for February 2025 which confirms an exchequer surplus of €3.2 billion to the end of February. This compares to a deficit of €0.1 billion recorded for the same period last year.
Tax receipts collected to the end of February were €15.2 billion, which was €3.2 billion ahead of the same period last year. 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 €13.5 billion, an increase of €1.5 billion. Tax revenues of €5.1 billion were collected in the month of February, up by €0.9 billion on the same month in 2024.
Income tax receipts of €2.7 billion were recorded in the month of February, €0.2 billion ahead of last year. On a cumulative basis, income tax receipts of €5.7 billion were €0.3 billion (5.8 per cent) ahead of the same period in 2024.
Corporation tax receipts of €1.0 billion were collected in the month which was an increase on February 2024 by just under €0.5 billion, mainly due to a once off amount not related to the CJEU ruling. On a cumulative basis, receipts of €2.8 billion were up by €2.2 billion. When once-off CJEU revenues are excluded, cumulative corporation tax receipts to the end of February 2025 amounted to €1.1 billion, ahead of the same period last year by €0.5 billion.
February is not a VAT-due month and modest receipts of €0.5 billion were collected in the month, up by €0.1 billion on February 2024. Cumulatively, VAT receipts of €4.6 billion are ahead of the same period last year by €0.3 billion. Excise duty receipts of €0.5 billion were collected in February, up by €43 million on the same month last year.
Commenting on the figures, Minister for Finance, Paschal Donohoe said
”February is not generally a significant month for tax revenues, but the steady performance across most tax heads to date is a further positive reflection of the strength of our economy. The March returns, which incorporate the first large corporate tax payments of the year, will provide a clearer indicator of the performance of the public finances.
In an increasingly uncertain global environment, it is now more important than ever that we maintain our public finances on a positive trajectory. This Government is committed to doing this in a balanced and sustainable way.”
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