- Exchequer returns show that tax revenues (exc. CJEU payments) in the first half of the year amounted to €47.7 billion, €3.0 billion (6.7 per cent) ahead of the same period last year;
- Income tax receipts of €17.4 billion are ahead of last year by €0.7 billion (4.3 per cent);
- VAT receipts of €11.6 billion are up on last year by €0.6 billion (5.8 per cent);
- Corporation tax receipts (excluding CJEU payments) of €13.1 billion are up by €0.9 billion (7.4 per cent) relative to the same period last year;
- Total gross voted expenditure in the first half of the year amounted to €50.9 billion, up by €3.8 billion (8.2 per cent) on 2024 and ahead of profile by €0.3 billion (0.7per cent);
- Excluding CJEU receipts, an underlying Exchequer surplus of €1.2 billion was recorded to end-June, compared with a surplus of €3.1 billion in the first half of last year.
Tax receipts of €49.5 billion were collected in the first six months of the year, up by €4.7 billion (10.5 per cent) on the first half of last year; this was ahead of profile by €0.5 billion (1.0 per cent) with the overshooting largely due to corporation tax receipts.
When once-off tax revenues arising from the CJEU ruling of September 10th 2024 of €1.7 billion are excluded, ‘underlying’ tax revenues stood at €47.7 billion, which was a €3.0 billion (6.7 per cent) increase on last year.
Income tax receipts in June were €2.9 billion, up on last year by €0.1 billion (2.9 per cent). On a cumulative basis, income tax receipts of €17.4 billion are ahead of last year by €0.7 billion (4.3 per cent) and broadly in line (behind by 0.7 per cent) with the Departments expectations.
June is a non-VAT-due month and receipts of €0.2 billion were accordingly relatively modest. Cumulative VAT receipts of €11.6 billion are up on last year by €0.6 billion (5.8 per cent) and largely in line (0.8 per cent behind) profiled receipts.
June is a key month for corporation tax payments and receipts of €7.4 billion were €1.5 billion higher than in June of last year. This follows a decline of €1.1 billion seen last month, underscoring the exceptional volatility – in both directions – in this revenue stream. Cumulative corporation tax receipts (excluding CJEU payments) of €13.1 billion are now ahead of last year by €0.9 billion (7.4 per cent), and slightly ahead of profile (2.3 per cent)
Non-tax revenue in the first half was €2.2 billion, up by €1.9 billion on the first half of last year, primarily driven by transfers to the Exchequer arising from the CJEU judgement (mainly interest payments).
Total gross voted expenditure in the first half of the year amounted to €50.9 billion, up by €3.8 billion (8.2 per cent) on 2024 and ahead of profile by €0.3 billion (0.7per cent). Year-on-year capital spending levels have increased substantially, with capital spending up 22.5% overall.
At a headline level, an Exchequer surplus of €4.5 billion was recorded in the first half of the year. This compares to a surplus of €3.1 billion last year, an improvement of €1.4 billion.
Excluding the once-off CJEU receipts, the underlying surplus was €1.2 billion, €1.9 billion behind the same period last year.
