Ireland's government tax receipts surged to a record €108 billion in 2024, exceeding forecasts thanks to a major payment from Apple following a European court ruling.
Government tax receipts surged almost 23 per cent to a record €108 billion last year, beating its own forecasts, amid a higher-than-expected corporation tax take. The year-end exchequer returns, published by the Department of Finance on Monday, showed total corporation tax receipts soared 64 per cent to €39.1 billion in 2024.
This was driven by almost €11 billion flowing into the State coffers from Apple, covering most of the money owed as a result of a high-profile European court ruling last September.The amount transferred was almost €3 billion higher than what the Government projected when it unveiled its budget in October. Stripping this out, underlying corporate tax rose 18 per cent to about €28.1 million. While much of this was unlikely to be paid every year, it came in some €1.4 billion below forecast. Income tax, traditionally by far the biggest earner for the exchequer, rose by 6.6 per cent last year to €35.1 billion, topping official forecasts by €2.2 billion.The Government recorded an exchequer surplus of €12.8 billion, which was €1.2 billion more than forecast at the time of Budget 2025 and compared to a €1.2 billion surplus posted in 2023. The strong figures come as Fianna Fáil and Fine Gael negotiating teams ratcheted up talks on Monday on forming a new coalition. Both pledged ahead of the election to accelerate spending on housing and infrastructure on expectations that public finances will remain in rude health. The Apple money stems from a European Court of Justice ruling in September that the iPhone maker must pay billions of euros of back taxes and interest to the Republic. An escrow account, set up in 2018 as Ireland and Apple continued a legal battle with the European Commission over whether the money was owed, held €14 billion at the time of the final ruling
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