Tax take rises as first €3bn of Apple tax money rolls in

Taxes collected last month were up 61% on October of last year due to the first tranche of €3bn of Apple tax money appearing in the State's coffers.

However, Government spending is also accelerating faster than had been forecast.

Expenditure for the year to the end of October was €67bn which was 13% ahead of the same period last year and 5% above the Department of Finance's own projection.

So far this year the State collected €76bn in taxes which is 15% up on 2023.

It indicates the economy continues to perform well.

Income tax is up 7% so far this year, VAT 8%, excise 15% and corporation tax 35% (partly due to the Apple tax receipts.)

Minister for Finance Jack Chambers said "we have had strong returns on income tax which shows the strength of employment in the Irish economy and VAT receipts which show domestic consumption continuing to strengthen."

He added the Government wanted to be "careful" spending the "windfall receipts" from Apple and added the he "we are focussed on energy, housing and water infrastructure."

On the outcome of the US elections and how it could affect future corporation tax receipts he said "we are always cognisant of geopolitical risks in how we manage the Irish economy."

He added that was why the Government was running a significant surplus.

Minister Chambers said: "We always will work with any president who occupies the White House regardless of their party status."