New Exchequer figures show that \u20ac0.5bn in excise duty receipts was collected in March, up 1.2pc on the same month last year.<\/p>\n
Critics will seize on the increase as proof that the Government has essentially profited from the higher prices at the country\u2019s forecourts. However, ministers will point out that, so far this year, excise receipts are down. They were \u20ac1.5bn for the first quarter, \u20ac18m or 1.2pc less than in the same period last year.<\/p>\n
From midnight on March 25, the excise rate on diesel came down by 20c per litre and on petrol by 15c per litre, after the Cabinet decided to ease the price pressure on motorists. The Government stressed that these reductions are not reflected in today\u2019s Exchequer figures.<\/p>\n
It can be expected the amount collected in excise duty by the Exchequer will decline in April, when the cuts are in place for the full month.<\/p>\n
The Exchequer returns show that Vat receipts were by over 7pc in March, to \u20ac3.3bn. In the year to date they stand at \u20ac8bn, up over 5pc on last year, an indication of strong consumer confidence despite the cost-of-living pressures.<\/p>\n
Overall, tax receipts of \u20ac22.6bn were collected in the first quarter, up by \u20ac0.7bn or 3.4pc on last year, when the one-off Apple back-payment of tax is excluded.<\/p>\n
The corporation tax take in March was \u20ac2.1bn, up by \u20ac0.1bn on the same month last year. Corporation tax receipts of \u20ac2.9bn so far this year are down slightly on 2025, an indication that the record haul under that tax bracket may be flatlining.<\/p>\n
Income tax receipts are still buoyant, reflecting an economy close to full employment. Some \u20ac2.8bn was collected in March, \u20ac0.2bn or 7.8pc ahead of the same month last year.<\/p>\n
For the first quarter of the year, income tax receipts stand at \u20ac8.7bn, which is \u20ac0.5bn or 6.1pc ahead of the first three months of last year.<\/p>\n
The overall picture is that an Exchequer deficit of \u20ac0.2bn was recorded in the first quarter of the year, compared to a surplus of \u20ac4.1bn last year. The Department of Finance says this was for two reasons. Last year\u2019s figures were boosted by the one-off Apple payment, and there has been an earlier transfer this year into the long-term State savings funds.<\/p>\n
Total expenditure in the first quarter amounted to \u20ac29.6bn. Gross voted expenditure was \u20ac26.4bn, 6.4pc ahead of last year.<\/p>\n
The Irish Fiscal Advisory Council pointed out that spending is growing at a fast pace, while underlying tax revenue is performing well. At the end of March, health spending was up 7.2pc, compared to a Budget 2026 forecast of growth of 4.8pc, it said.<\/p>\n
The T\u00e1naiste and Minister for Finance Simon Harris said these figures came at a \u201cgrave moment for the world\u201d.<\/p>\n
He said: \u201cDecisions that will be made in the coming hours will have profound global economic impact in one direction or the other.\u201d<\/p>\n
However, he said, Ireland is approaching \u201cthis moment of challenge better prepared than we have perhaps been in the past\u201d.<\/p>\n
Mr Harris warned: \u201cIf this escalation continues, particularly involving critical energy infrastructure or key maritime routes the global economic consequences will be significant.<\/p>\n
\u201cAnd we will face an economic challenge of varying scale, substance and severity, depending on the course of action that others decide in the hours ahead.<\/p>\n
\u201cNo government can fully shield its people from a shock of that magnitude.\u201d<\/p>\n
He said the Government is acting in a way that \u201cseeks to protect the most vulnerable and sustain our economic stability at this moment of challenge\u201d.<\/p>\n
Mr Harris said that the increased Vat and excise being taken in as a result of increased fuel prices were in the \u201csingular millions\u201d and were outweighed by the overall \u20ac250m package of support brought in by the Government.<\/p>\n
\u201cIt is true, of course, that the Vat take is slightly up, but it’s also true that that increase is well offset by the \u20ac250 million package of measures that the Government has put in place.\u201d<\/p>\n
He said that the Government\u2019s package of support \u201cfar outstrips\u201d the tax revenue being created.<\/p>\n
Public Expenditure Minister Jack Chambers said the figures are presented \u201cat a time of profound global economic instability\u201d.<\/p>\n
\u201cThe need for sensible, sustainable management of our public finances has never been greater,\u201d he added.The T\u00e1naiste and Finance Minister Simon Harris<\/p>\n
Minister Chambers confirmed there was a \u201cchallenge\u201d with the Department of Education spending due to an \u201celement of additional demand in the special education area in particular.\u201d<\/p>\n
He added: \u201cWe’ve been clear if a new priority or a new expenditure pressure emerges that will have implications for other government departments, and that’s what we’re engaging with the Department of Education on presently.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"New Exchequer figures show that \u20ac0.5bn in excise duty receipts was collected in March, up 1.2pc on the…\n","protected":false},"author":2,"featured_media":386915,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[11977,42,5243,43,40,38,41,39],"class_list":{"0":"post-386914","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-department-of-finance-dof","9":"tag-headlines","10":"tag-john-burns","11":"tag-news","12":"tag-top-news","13":"tag-top-stories","14":"tag-topnews","15":"tag-topstories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/386914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=386914"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/386914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/386915"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=386914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=386914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=386914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}