The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for November 2025 confirming an Exchequer surplus of €10.4 billion to the end of November. This compares to a surplus of €13.8 billion recorded for the same period last year (what was impacted by receipts arising from the Court of Justice of the European Union (CJEU) ruling in the Apple State Aid case). When these receipts are excluded from total receipts in 2024 and 2025, an underlying surplus of €7.1 billion was recorded which represents an improvement of €2.8 billion on the same period last year.
Tax receipts collected to the end of November were €98.7 billion, which was €0.4 billion lower 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 €97.0 billion, an increase of €7.3 billion on the corresponding period in 2024.
Income tax receipts for the month of November were €5.1 billion which was €0.4 billion ahead of receipts collected in November 2024. On a year-to-date basis, receipts to the end of November of €33.7 billion were up by €1.5 billion (4.6 per cent), when compared to end of November 2024.
Corporation tax receipts of €10.0 billion were collected in November, which is down by €3.7 billion on the same month in 2024. On a cumulative basis, receipts of €31.1 billion were down by €3.9 billion on the same period last year. When the once-off CJEU receipts are excluded, cumulative corporation tax receipts to November 2025 amounted to €29.4 billion, up on the same period last year by €3.8 billion.
VAT receipts collected in the month were €3.4 billion with cumulative receipts recorded of €22.5 billion to the end of November 2025 which were ahead by €1.1 billion on end of November last year.
Commenting on the figures, Tánaiste and Minister for Finance, Simon Harris said:
“Today’s figures are in line with the revised projections for tax revenue that we set out in Budget 2026: strong income tax and VAT returns reflect the strength and resilience of our economy, while corporation tax remains at an elevated level.
Government is committed to making sure our spending commitments are sustainable and built on solid foundations. We will continue to run budget surpluses and continue to invest in the Future Ireland Fund and the Infrastructure, Climate and Nature Fund”
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