The department also reported on Tuesday that tax revenues in the first 10 months of the year were up 14.9 percent compared to the same period in 2023.

Following a European Court of Justice ruling in September that Apple’s favourable tax arrangements were unlawful, the State is set to gradually draw down the back taxes from an escrow account in the coming months.

In October, the Department of Finance collected €3.6 billion in corporate tax, with €3 billion of that amount coming from the escrow account. Excluding this, corporate tax receipts were down from the €1.3 billion recorded in October 2023.

The State expects to receive €8 billion of the Apple back taxes by year’s end, boosting its total tax intake by 20 percent year-on-year and mraising the budget surplus to 7.5 percent of national income.

Meanwhile, political parties have been outlining plans for the funds mahead of a general election later this month.

On Monday, Richard Boyd Barrett, leader of People Before Profit, suggested that the Apple back taxes should be used to create a State construction company capable of building “at least 35,000 social and affordable homes per year” by accessing necessary land, finance, and labour.

Finance Minister Jack Chambers emphasized that the Apple funds should not be allocated to routine spending or tax cuts. Instead, the Government aims to invest in addressing critical needs such as housing, energy, water, and transport infrastructure.

During the Budget 2025 announcement, Chambers indicated that a framework for allocating the windfall would be submitted to the Government for approval in the first quarter of next year.