Tax receipts for the first four months of the year are up 15.3% on the same time last year, the latest Exchequer Returns from the Department of Finance show.
Today’s figures show that the tax take reached €28.6 billion at the end of April.
When once-off tax revenues from the Apple tax case are excluded, underlying tax receipts of €26.8 billion are up by 8.3%, the Department of Finance added.
The latest Exchequer figures show that income tax rose by 7.5% to €3.5 billion in April compared to the same time last year.
April is not a key month for corporation tax receipts and just €0.1 billion was collected in the month, a fall of €0.1 billion compared to April last year.
On a cumulative basis, receipts of €4.9 billion were up by €2.2 billion in the four months to the end of April on the same time last year. When the Apple funds are excluded, cumulative corporation tax receipts to the end of April amounted to €3.2 billion, €0.5 billion ahead of the same time last year.
Today’s figures show that excise duty receipts rose by 13.2% to €0.6 billion compared to April 2024, while excise receipts to the end of April amounted to €2.1 billion, an increase of 8.3% on the same four month period in 2024.
April is also a non-VAT due month and receipts in the month of €0.3 billion were down slightly on the same month last year by €38m. Cumulative receipts of €7.9 billion were ahead by 6% for the four months to the end of April.
The Department of Finance also said that Stamp Duty receipts of €613m were collected in the four months to the end of April, up by €119m on the same time last year, while Capital Gains Tax receipts amounted to €412m, an increase of €152m on the same time last year.
The Department of Finance today reported an Exchequer surplus of €2.8 billion for the four months to the end of April. This compared to a deficit of €1.2 billion recorded in the same period last year.
It said that when receipts from the Apple tax case in the Court of Justice of the European Union ruling are excluded, the underlying Exchequer position was a deficit of €0.5 billion, an improvement of €0.7 billion on the same time last year.
Today’s figures also show that Exchequer spending to the end of April totalled €35.8 billion, consisting of gross voted and non-voted expenditure of €33.1 billion and €2.7 billion respectively.
Peter Vale, Tax Partner at Grant Thornton Ireland, said that April is generally a quiet month for the Exchequer but there was generally good news in the latest tax returns for the month.
Mr Vale noted that encouragingly, after a slightly disappointing March, income tax receipts recovered in April, up 7.5% on the same month last year.
He said that income tax receipts are generally higher in April due to one off employee remuneration payments in the period, such as bonuses.
“The solid April income tax figures indicates little pressure thus far on employee remuneration, particularly at more senior levels, although it’s worth noting that many bonuses paid in the period would have been determined prior to the global trade downturn,” he said.
April is also a quiet month for VAT, with returns for the year to date running at 6% ahead of 2024 equivalent, reflecting strong consumer spending despite the global economic turmoil.
On Corporation tax, he said the figures for May and June will make for interesting reading to ascertain whether any negative trends from the US tariffs are beginning to emerge.
Article Source – Tax take to end of April up 15% on same time last year – RTE
