The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for March 2025 which confirms an exchequer surplus of €4.1 billion to the end of March. This compares to a deficit of €0.3 billion recorded for the same period last year.
Tax receipts collected to the end of March were €23.6 billion, which was €3.5 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 €21.9 billion, an increase of €1.8 billion.
Income tax receipts for the quarter were €8.2 billion which was €0.3 billion (3.6 per cent) ahead of the same period in 2024.
Corporation tax receipts of €4.8 billion were collected in the quarter which was an increase on the last period last year by €2.3 billion. When once-off CJEU revenues are excluded, cumulative corporation tax receipts to the end of March 2025 amounted to €3.0 billion, ahead of the same period last year by €0.6 billion.
VAT receipts for the first quarter of 2025 were €7.6 billion ahead of the same period last year by €0.5 billion.
Commenting on the figures, Minister for Finance, Paschal Donohoe said:
“I deeply regret the announcements in relation to tariffs announced by the US administration yesterday. Tariffs are economically destructive; they drive up the cost of doing business, put upward pressure on inflation, all the while creating uncertainty for investment and future growth
This is clearly an exceptionally uncertain period for our economy, but today’s figures show that, because of the careful management of our public finances, we are approaching the challenges ahead from a position of strength”
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