Ireland is set to achieve a budget surplus of 8% of modified gross national income (GNI) in 2024, significantly higher than the previously forecast 2.8%, largely due to a €14 billion back tax payment from Apple, Finance Minister Jack Chambers announced. The country’s general government surplus is now expected to reach €25 billion in 2024, up from the April estimate of €8.6 billion, thanks to the Apple tax windfall.
While this significant influx will not affect next week’s national budget, the government plans to broadly outline how it intends to use the extra funds. Public expenditure is expected to rise by 6.9% in the upcoming budget, marking the third consecutive year that spending growth will exceed the government’s 5% cap.
Ireland’s corporate tax receipts, primarily driven by multinational tech and pharmaceutical companies, are expected to total €30 billion this year, excluding the Apple funds. For 2025, the government forecasts a budget surplus of 3.75% of modified GNI, not including any budgetary measures to be announced.
Chambers revealed that the government anticipates receiving €8 billion from Apple in 2024 and €6.1 billion in 2025, with the full €14.1 billion recorded in this year’s national accounts.