Exchequer surplus for 2024 skewed by one-off corporate tax revenues [Video]

New figures from the Department of Finance show an Exchequer surplus of €12.8bn was recorded last year.

However, excluding one-off corporate tax revenues of nearly €11bn linked to the Court of Justice of the European Union (CJEU) ruling on September 10th, the underlying surplus was €1.8bn.

On the revenue front, total tax receipts for the year reached €108bn, or €97.1bn when CJEU-related revenues are excluded.

Direct Taxes

Income tax receipts totaled €35.1bn, up €2.2bn (6.6%) compared to the previous year, reflecting robust employment and earnings growth.

Excluding CJEU-related contributions, corporation tax revenues amounted to €28.1bn, a €4.3bn (17.9%) increase from 2023.

Indirect Taxes

VAT receipts rose to €21.8bn, an increase of €1.5bn (7.3%) over 2023, consistent with strong consumer spending.

Excise receipts grew to €6.3bn, up €0.7bn (11.8%), primarily due to the unwinding of temporary policy measures during the year.

Expenditure

Total gross voted expenditure reached €103.7bn, an increase of €9bn (9.5%) compared to 2023.

Finance Minister Jack Chambers…