Figures from the Department of Finance show an Exchequer surplus so far this year of €1.86bn, down from €2.42bn this time last year.
The €560m reduction comes from lower than expected revenues from income taxes, VAT and excise duties.
The figures in the Statement of the Exchequer released this afternoon show that revenue from income taxes is €76m below what the Government had expected for the three months to the end of March.
The VAT take is €51m below expectations, Excise is €56m below and capital acquisitions tax is €97m lower than the Government had expected to take in in the three month period.
Meanwhile Stamp Duty, at €926m, is €17m higher than expected, and the Corporation Tax take beat Government expectations by €246m.
At the end of February tax receipts were beating expectations by €119m, but by the end of March that had dropped back to €28m, reflecting weaker growth in the economy.
