Exchequer returns - February 2026
Commenting on exchequer figures for February, Orla Gavin, Head of Tax at KPMG, says:
"Tax receipts for February are up a modest 1% or €100 million on the same month last year driven mainly by increases in income tax and VAT receipts in the year to date. Corporation Tax receipts are down €240 million on last year, largely due to the distorting impact of a once-off accelerated corporation tax payment of €1 billion last year. Next month’s Exchequer returns should start to provide insight on tax revenue trends for the year ahead, although forecasting is challenging in the face of ongoing geopolitical and trade uncertainty.
Ireland benefits from a strong US trading relationship, with the latest CSO data showing that 42% of Ireland’s total exports were to the US last year. The flux in US trade policy creates uncertainty for businesses trading with the US, which is never an ideal environment for trade. Pharma products remain the key Irish export to the US. While the latest US tariff developments have not directly impacted Irish pharma exports to the US, the industry is closely monitoring developments including the US administration’s investigation into pharma imports, the outcome of which is expected in the next month or so."
