Exchequer figures for the first nine months of the year show that overall tax receipts are running €490m behind the target set out at the start of the year.
This means the Government will have to borrow more to balance the books this year.
The Department of Finance figures show that there was an Exchequer deficit of €3.1bn in the first nine months of this year, with a shortfall in property related taxes and excise duties.
Spending was €274m ahead of target, with overspending on the capital side €260m above forecast.
There were differences across the various tax categories. Corporation tax returns were better than expected while income tax was slightly ahead. There were shortfalls in capital gains tax, stamp duties, VAT and excise duty.
In a sign of the impact of the property slowdown, stamp duty returns were €401m (13.8%) lower than expected. Capital gains tax was €101m (6.4%) below forecasts.
Income tax was more than €56m (0.6%) ahead, while corporation tax intake was €296m (14.6%) ahead of target.
In overspending, there was a Department of Transport payment of €130m for buying out the West Link Toll bridge from National Toll Roads.
The spending side is also flattened by a delay in a €174m nursing home repayment that is behind target and has to be paid.
The Minister for Finance, Brian Cowen, said the returns underlined the need for the continuation of sensible fiscal policies.
