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1. Budget 2024 will deliver an overall package of €6.4 billion and will be presented to Dáil éireann on 10th October 2023

2. Additional public spending will amount to €5.2 billion and taxation measures will amount to €1.1 billion

3. Core spending will increase by 6.1% in 2024

4. An additional €2? billion over the period 2024-2026 to boost delivery of critical capital infrastructure projects and make a contribution to the existing Climate Action Fund

5. Today’s Exchequer figures show that tax revenues to end-June were €40.9 billion

6. This was 10.9 per cent higher than last year, reflecting the underlying strength of the economy, but also is heavily driven by volatile corporation tax receipts

7. Total gross voted expenditure to end-June amounted to €41.9 billion, €3.4 billion or 8.7 per cent ahead of the same period in 2022; this reflects support for our public services and our growing population, and the ramping up of NDP investment

8. An Exchequer surplus of €0.3 billion was recorded in the first half of the year;

9. On a 12-month rolling basis, the Exchequer recorded a surplus of €1.1 billion in June. However, excluding one-offs, an underlying deficit of €5? billion was recorded on a 12-month rolling sum basis

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A. An Exchequer surplus of €0.3 billion was recorded at end-June 2023. This compares with a surplus of €4.2 billion in the same period last year. The annual decrease is driven by the transfer of €4 billion to the National Reserve Fund earlier this year.

B. Tax receipts amounted to €40.9 billion in the first half of the year, up €4.0 billion (11 per cent) on an annual basis, driven by robust income tax, VAT and corporation tax.

C. At €15.5 billion to end-June, income tax receipts were up 9 per cent on an annual basis, broadly in line with expectations and reflecting a labour market operating at, or beyond, full employment.

D. Corporation tax receipts amounted to €10.35 billion to end-June, up by €1.8 billion on last year due to increased profitability in the multinational sector and in line with expectations.

E. VAT receipts in the first half of the year were €10.3 billion, ahead of last year by €1.2 billion. This was broadly in line with profile and reflects the underlying strength of the Irish economy.

F. Total gross voted expenditure to end-June amounted to €41.9 billion, €3.4 billion or 8.7 per cent ahead of the same period in 2022 and broadly in line with profile (ahead by €100 million or 0.2 per cent).This reflects increased investment in public services and infrastructure from Budget 2023 and the NDP. This is delivering improvements in our schools, our healthcare system and supports for childcare. This expenditure is also supporting those arriving on our shores from Ukraine and providing for the Spring/Summer Cost of Living Package.

G. On a 12-month rolling basis, a better indicator of the trend, the Exchequer recorded a surplus of €1.1 to end-June. However, once one-offs are excluded i.e. transfers to the National Reserve Fund, proceeds from the sale of bank shares and estimates of volatile ‘windfall’ corporation tax are excluded, there was an underlying deficit of €5? billion on a 12-month rolling basis.

Source: Department of Enterprise, Trade and Employment

Published on 4 July 2023