Corporation tax payments shot up by 32.5% last month to €2.8 billion when compared to August 2025, partly due to some large multinationals being charged a higher rate of tax.
So far this year corporation tax is up 8.3% to €17.8 billion, as money has continued to roll in from large, foreign-owned companies.
Multinationals with turnover of more than €750m are now taxed at 15% instead of the lower rate of 12.5% as part of measures to clamp down on tax avoidance.
This resulted in an additional €1.2 billion in payments to the end of August.
While there was strong revenue from foreign-owned companies, there was a significant drop in excise duty due to the Government’s measures to cut tax on petrol and diesel.
Excise was down 17.4% at €428m, and fell 7.1% so far this year to €3.9 billion.
So far this year overall taxes are up 6.2% when one off payments from Apple’s tax case are excluded.
A key driver of the strong tax revenue has been healthy growth in income tax, which is up 7.7% at €25 billion – boosted by the strong jobs market.
Consumer spending has been positive as VAT rose by 7.3% so far this year to €16.3 billion.
Total Government spending stood at €73.7 billion, which was 7.5% ahead of last year.
Meanwhile debt servicing costs were down by €500m at €2 billion in the year to the end of August.