
Ireland’s Exchequer has received a notable boost with the arrival of the first €3 billion of the so-called “Apple Tax” payment, per the latest Exchequer Return data for October. This surge in corporate tax revenue, a key part of the total €3.6 billion collected during the month, marks the beginning of a significant inflow resulting from the European Union’s ruling on Ireland’s tax arrangements with Apple. According to a statement accompanying the fiscal report, this initial sum is part of a larger €14.1 billion that European courts mandated Ireland to collect from Apple, adding a substantial lift to the state’s financial position.
The October payment is unusual, as this month typically sees lower corporate tax collections. The recent €3 billion injection, however, underscores the scale of the Apple tax funds entering state coffers. Officials have indicated that approximately €8 billion of the total Apple sum is expected to be collected by year’s end, with the remainder arriving in 2025. The gradual release of funds from the “escrow” account, where the money has been held since the EU ruling, has been carefully managed to ensure investments are converted back to cash without significant loss in value.
This significant Apple contribution helped push corporate tax receipts up to €21.4 billion by the close of October, marking a €5.6 billion increase compared to the same period in 2022. If November collections match last year’s €6.3 billion, or potentially surpass that figure, corporate tax revenue could not only exceed VAT contributions but might also rival income tax—an extraordinary development that is, however, unlikely to be sustainable in the long term.
Read more: EU to Scrutinize Apple’s iPad OS for Compliance with New Tech Rules
Income tax, Ireland’s traditional fiscal anchor, contributed €27.6 billion by October, up by €1.9 billion year-on-year. While income tax is typically collected evenly throughout the year, November is traditionally the strongest month for corporate tax receipts, setting expectations for a further uptick in revenue by the close of 2023.
Ireland’s fiscal performance to date reflects a substantial increase in government spending. The latest report highlights total exchequer expenditure reaching €91.5 billion by the end of October, with gross voted expenditure, covering core spending initiatives, rising to €80.9 billion—an increase of €8.7 billion from last year. Non-voted expenditure, meanwhile, stood at €10.6 billion, slightly below last year’s level.
Despite this elevated spending, the state’s revenues have managed to keep pace. By the end of October, gross revenue had climbed to €92.8 billion, representing a year-on-year increase of €10.4 billion, or 12.7 percent.
Ireland’s Exchequer reported a year-to-date surplus of €1.3 billion by the end of October, although this figure is lower than earlier projections due to the introduction of a €2.2 billion cost-of-living support package, announced as part of next year’s budget. On a rolling 12-month basis, the Exchequer showed a surplus of €3.3 billion.
Finance Minister Jack Chambers has stressed the importance of prudent allocation of the Apple funds, cautioning against using this windfall for everyday spending or tax reductions. According to a recent statement, Chambers reaffirmed the government’s commitment to channel these funds into “known challenges” such as housing, energy, water, and transport infrastructure. The government aims to finalize a strategic framework for these windfall receipts, with the Minister set to seek Cabinet approval early next year.
Source: Independent
Featured News
Judge Rules 5-Hour Energy Maker Gave Costco Unequal Deals, But No Antitrust Violation Found
May 29, 2025 by
CPI
EU Threatens Apple With Ongoing Fines For Non-Compliance With DMA
May 29, 2025 by
CPI
EU Expands Antitrust Probe Into Visa and Mastercard Fees, Seeks Industry Input
May 29, 2025 by
CPI
House Bill Could Strip Cities of Authority to Regulate Rent Algorithms
May 29, 2025 by
CPI
UK Regulators Approve $3.1 Billion SES-Intelsat Merger, Paving Way for Satellite Industry Shake-Up
May 29, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Industrial Policy
May 21, 2025 by
CPI
Industrial Strategy and the Role of Competition – Taking a Business Lens
May 21, 2025 by
Marcus Bokkerink
Industrial Policy, Antitrust, and Economic Growth: Some Observations
May 21, 2025 by
David S. Evans
Bolder by Design: Crafting Pro-Competitive Industrial Policies For Complex Challenges
May 21, 2025 by
Antonio Capobianco & Beatriz Marques
Competition-Friendly Industrial Policy
May 21, 2025 by
Philippe Aghion, Mathias Dewatripont & Patrick Legros