The Government collected a record €10 billion in corporation tax in November, according to the latest exchequer returns.
The November total was more than the State used to collect in an entire year just a decade ago and comes on the back of a surge in multinational exports linked to US tariffs. It is €2.7 billion ahead of the figure in the same month last year.
The figures showed the Government has collected €29.4 billion in receipts from the business tax so far this year, up €3.8 billion (14.9 per cent) on the same period last year when once-off receipts from the Apple tax case are excluded.
The Government expects corporation tax receipts to hit €32 billion for the full year, providing it with another big surplus this year - in excess of €10 billion - despite significant overspending.
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Receipts are also expected to rise again next year as a new minimum 15 per cent tax rate applying to large multinationals kicks in.
November is a key month for the exchequer as it is the biggest month for corporation tax and also the last VAT-due month of the year.
The Government’s financial position also benefited from strong income tax and VAT receipts, reflecting the strength of the labour market and ongoing consumer spending.
On a cumulative basis, income tax receipts to the end of November generated €33.7 billion, €1.5 billion (4.6 per cent) up on the corresponding period last year.
The sales tax, a reflection of retail sales, generated cumulative receipts over the first 11 months of €22.5 billion, up €1.1 billion (5 per cent).
Overall, the figures pointed to a headline exchequer surplus of €10.4 billion for November, down €3.4 billion on the same period last year. However, the department noted the year-on-year comparison was impacted by revenues arising from the Apple tax ruling.
“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,” Minister for Finance Simon Harris said.
“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,” Mr Harris said.
Total gross voted expenditure for the 11-month period amounted to €97.3 billion, which was €5.2 billion (5.7 per cent) ahead of the same period in 2024.
