THE STATE HAS raised €68.2 billion in taxes so far this year, an 11% increase when compared to figures last year.

A quarterly update published by the Department of Finance this evening reported a “steady growth” in the amount of money coming from income tax, vat and excise duties, but (again) the driver of the tax take is from corporation tax.

Corporation tax receipts have so far raised €17.8 billion this year, a 23% increase compared to the same period last year. However, there was a decline of €0.2 billion in the sum of money recieved from corporation taxes last month.

This comes as warnings to Government over its reliance on the receipts were issued by the Irish Fiscal Advisory Board following the Budget 2025 announcement on Tuesday.

Finance Minister Jack Chambers said last month’s decline “remind us of the volatility associated” with the receipts. He said the Government has attempted to mitigate any risks through investing in long-term so-called ‘rainy day’ funds. 

Peter Vale, a Tax Partner at Grant Thornton Ireland, said Government should not be put off spending – particularly on infrastructure – over the slight decline in corporation tax receipts. 

“Gaps in key infrastructure areas is arguably the biggest threat to the ongoing strength of foreign investment and resultant corporation tax receipts,” he said.

Government saw other revenue streams increase too this quarter, including a 7% rise in the funds from VAT and a 7.1% rise in the funds from income tax.

In last quarter alone the State raised €23.4 billion, equating to a 14.5% increase compared to the third quarter earnings of last year. The Department of Finance noted that the “bulk” of these funds were from corporation tax.