Figures from the Department of Finance show that the tax take for the first eight months of this year is running €427m behind Government targets.
The Exchequer deficit, which is the gap between spending and tax receipts, was €18.7bn in the first eight months of this year.
This is more than €10bn greater than the same period last year, although the deficit has been swollen by the extra capital injected into the banks.
Total tax receipts were just under €20.8bn, which was 2% or €427m short of what the Government targeted in April's Budget.
The shortfall is slightly smaller than the €500m recorded in the first seven months.
The tax take is just over 16% down compared with the same period last year.
In recent months, the year-on-year decline in tax revenue has shown signs of stabilising, after falls of more than 20% earlier in the year.
A breakdown of the eight-month figures shows that VAT receipts came €436m below target as consumer spending continued to be weak.
VAT receipts are down by almost €2bn compared with the same period last year.
The take from stamp duty was more than 24% less than what was expected in April.
The take from capital gains and capital acquisitions taxes were also sharply lower than projected.
Receipts from income tax were 3.5% lower than projected at €7.2bn, while corporation tax receipts were 19% better than expected at €2.4bn, helped by a change in the payment dates for the tax.
Excise duties were also slightly higher than forecast.
Total spending in the eight months was marginally lower than the April projections at just under €30.8bn.
The Government is expecting a gap of more than €20bn between spending and revenue for the whole of 2009 and a total tax take for the year of €34.4bn.
Concern over Ireland's reputation abroad
The chief executive of employers' body IBEC says Ireland's poor international reputation is adding €400m a year to the cost of servicing the national debt.
Danny McCoy was speaking in Brussels, where IBEC met officials to inform them of what Ireland is doing to tackle the recession.
IBEC's new CEO met top officials and government representatives, concerned that negative publicity about Ireland is causing damage to business and the economy.
Mr McCoy claims Ireland's poor reputation is costing the Government an extra €400m a year in debt service costs.
IBEC says that money would be better spent on public services.
He said international commentators are impressed with the action taken so far to tackle the recession in Ireland, but said it was important to continue quickly with NAMA and more action in December's budget on the public finances, as this would reinforce confidence in Ireland.
He also said a Yes vote in the Lisbon referendum would send a positive international signal from Ireland.
Elsewhere, it has been confirmed that the Cabinet will carry on its discussions on the NAMA legislation tomorrow.
The Attorney General has been conducting legal work on the legislation since yesterday's Cabinet meeting.
