Exchequer returns for February show the year-on-year tax take is down by €1bn, or 17.8%.
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Spending is about €800m lower than a year ago, reflecting Budget spending cuts.
The drop in tax take, although dramatic compared to last year, is not unexpected.
Neither is the fall in spending, or the rise in borrowing to fund the exchequer deficit, which stood at €2.4bn at the end of last month.
February's tax take is €64m less than projected by the Department of Finance in January, the largest drop being in income tax, which is almost six percent lower than expected.
There was also a significant 6.3% drop in excise duty.
However VAT receipts were slightly ahead, and capital gains tax was 68% higher than expected.
