The Department of Finance has estimated the State will have a general surplus of between €23 billion and €24 billion this year.
The figures will also be boosted by Apple’s back tax of about €14bn which will be booked into the accounts for 2024.
Minister for Finance Jack Chambers said that the Apple money will be paid in two tranches, but the Government has decided to account for all the money in 2024.
“We have been clear this will not be used to fund general Government expenditure or narrow our tax base. It is very much separate to the budget process,” he said.
The larger-than-expected figures are also driven by bigger than expected corporation tax receipts.
The Department of Finance had expected the Corporation Tax figure would be €24.5bn for 2024, but it will now be between €29bn to €30bn.
The Department of Finance is due to publish its White Paper which will estimate receipts and expenditure for the year ending 2025.
It will give the final snapshot of the public finances before spending in Tuesday’s Budget is taken into account.
Those figures will also include the latest estimate for the Government’s surplus for 2024.
People arriving since pandemic has strengthened economic position – Chambers
Asked about immigration, Mr Chambers said: “One in ten people working the Irish economy have arrived here since the pandemic and that has strengthened our economic position.”
He added the Government recognised the “concerns” about immigration and that was why Minister for Justice Helen McEntee had strengthened immigrations process.
Asked about comments on immigration made by former taoiseach Leo Varadkar the Minister for Public Expenditure Paschal Donohoe, Mr Chambers said: “The diveristy of modern Ireland is entirely positive.
“I worked for Leo for very many years… my owns strong view is they [immigrants] have brought many benefits.”
Source: rte.ie