23.4% rise in corporation tax in first ten months of 2026

Updated / Wednesday, 4 Nov 2026 16:36

Corporation tax rose sharply by 23.4% in the first ten months of this year as the State collected €23.9 billion, mainly from multinationals.

The Department of Finance said the increase was partly due to timing factors.

It said the amount of tax that would be collected later this year would be lower than the same months in 2025 as a result.

Overall Government spending is 7.4% up on last year at €93.6 billion.

Of that day-to-day current spending is up 7.5% and capital expenditure is 7% above last year.

The latest set of Exchequer Returns show that overall tax revenue to the end of October is 10.3% ahead of last year.

The strong figures are helped by a 8.4% rise in income tax to €31 billion in the first ten months of this year, driven by the strong jobs market.

VAT was up 7.3% at €20 billion helped by healthy consumer spending.

However, excise duty is down 7.6% on last year at €4.9 billion due to the temporary cuts on fuel taxes introduced by the Government in response to the sharp rise in oil prices.