Exchequer returns - June 2025
Commenting on exchequer figures for June, Orla Gavin, Head of Tax at KPMG, says:
“The 6.7% increase in Quarter 2 tax receipts over the same period last year will come as good news to the Government as it deliberates on the scale of the package for Budget 2026 to be announced in the upcoming Summer Economic Statement.
Income tax and VAT receipts, up 3.4% and 5.8% respectively, in the year to date are strong as expected given the resilience shown in consumer demand and record levels of employment.
Corporation tax receipts surged ahead by €900 million or 7.4% ahead year on year, despite a €1 billion dip in expected receipts for May. June is typically a significant month for corporation tax receipts, and this bodes well for the remainder of the year given the headwinds facing businesses.
Notwithstanding Ireland's current healthy public finances, businesses are facing unprecedented uncertainty due to global trade and tax policy volatility. Now is the time for the Government to make strategic investments in infrastructure, introduce measures to bolster competitiveness, and aid Irish businesses in exploring new markets.”
