Income tax receipts totalled €24.8 billion, a rise of €1.6 billion (7.1 percent) from last year. VAT revenues, amounting to €17.9 billion, increased by €1.2 billion (7.0 percent), while corporation tax receipts hit €17.8 billion, surpassing 2023 figures by €3.4 billion (23.3 percent).
For the entire quarter, revenues amounted to €23.4 billion, reflecting an increase of just under €3 billion (14.5 percent) compared to the same period last year, with a significant portion of this growth driven by corporation tax.
Total gross voted expenditure to the end of September stood at €72.1 billion, up €7.7 billion (12 percent) year-on-year, and €2.9 billion (4.2 percent) above projected levels.
At the end of September 2024, an Exchequer surplus of €5.0 billion was recorded.
In September alone, €8.4 billion in tax receipts were collected, representing modest growth of €0.1 billion (1.3 percent) year-on-year, largely due to a dip in corporation tax for the month.
However, for the quarter overall, revenues reached €23.4 billion, a €3 billion (14.4 percent) increase over Q3 last year, with strong growth across key tax categories, notably in corporation tax.
September, the second-last VAT due month of the year, saw steady growth with €3.4 billion in VAT receipts, up €0.2 billion (5.0 percent) from September 2023. Cumulatively, VAT receipts of €17.9 billion are €1.2 billion (7.0 percent) ahead of last year’s levels.
Corporation tax receipts fell in September, with a total of €1.5 billion collected, a decrease of €0.2 billion (13.3 percent).
Finance Minister Jack Chambers commented on the figures, noting: “The tax data released Thursday demonstrates the robust growth we’ve witnessed throughout the year, further underscoring the underlying strength of our economy.
“Corporation tax, in particular, has been a standout element of the tax performance. While year-to-date receipts have exceeded expectations, the decline this month highlights the volatility of this revenue source, reinforcing the Government’s decision to reduce our reliance on it through the creation of the Future Ireland Fund and the Infrastructure, Climate and Nature Fund.”