- Tax revenues in January amounted to €8.5 billion, up by 0.6 per cent on January 2025.
- Of this:
- Income tax receipts amounted to €3.0 billion, up by €30 million (1.0 per cent);
- VAT receipts of €4.2 billion were €0.1 billion (3.3 per cent) higher than January 2025.
- Total gross voted expenditure in January amounted to €9.7 billion, €0.5 billion (5.1 per cent) ahead of January 2025.
- An Exchequer surplus of €0.1 billion was recorded in the month. This reflects transfers to the Future Ireland Fund and Infrastructure, Climate and Nature Fund.
An Exchequer surplus of €0.1 billion was recorded in January.
On the revenue side total underlying tax receipts amounted to €8.5 billion in the first month of the year, a €48 million (0.6 per cent) increase on 2025.
Income tax receipts of €3.0 billion are up by €30 million (1.0 per cent) while VAT receipts of €4.2 billion were up by €0.1 billion (3.3 per cent)^. January is typically the largest VAT month of the year as it reflects the busy Christmas period. Excise duty receipts of €0.5 billion were down by €37 million (6.9 per cent) on the same month last year.
January is not significant in terms of corporation tax, with only €58 million received.
Total gross voted expenditure amounted to €9.7 billion, €0.5 billion (5.1 per cent) ahead of January 2025.
Overall, an Exchequer surplus of €0.1 billion was recorded in January, down by €1.8 billion on last year largely due to transfers to the Future Ireland Fund and Infrastructure, Climate and Nature Fund.
Tánaiste and Minister for Finance, Simon Harris T.D. said:
“The January returns show that receipts were up by around 2 per cent once technical factors are accounted for. VAT receipts in January – which capture the Christmas period – were solid, pointing to the underlying strength in our economy. Income tax growth was slightly lower, which may in part reflect more taxpayers claiming reliefs. More broadly, our labour market remains in good shape, with average wage growth of around 4 to 5 per cent in recent quarters and wages continuing to rise at a level well above inflation.
January also saw the first payments of the year into the Future Ireland Fund and Infrastructure, Climate and Nature Fund, with €1½ billion in ‘windfall’ receipts transferred. This Government is committed to continuing to build up these funds to help prepare for future challenges and enhance our economic resilience.”
The Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers T.D. said:
“January spending of €9.7 billion is an increase of 5.1% on this time last year. While early in the year, this is below the rate of expenditure growth as set out in the Medium Term Fiscal and Structural Plan. As we begin the year and the implementation of Budget 2026, we remain focused on delivering value for money, strengthening our public services while moderating current spending and focusing investment in the critical infrastructure needed to improve living standards for our people and enhancing our competitiveness. January spending reflects Social Protection rate increases as set out in Budget 2026, greater resourcing for healthcare, education and other frontline services and additional staffing to deliver a reliable and efficient public service. Careful expenditure management across all departments is critical to ensuring we can deliver on our infrastructure delivery ambitions.”
