Figures from the Department of Finance show tax revenues to the end of August to be €365m (1.7%) ahead of target.

The total tax revenues stood just under €22.1bn at the end of August.

In year-on-year terms, taxes are up almost €1.6bn (7.7%).

Even adjusting for the impact of delayed corporation tax receipts and PRSI reclassification, the year-on-year growth is 5.2%, which the department described as robust.

Income tax is €102m (1.1%) ahead of target, although receipts were below target in August for the second consecutive month.

There was also a significant shortfall in excise duty, which is €116m (3.8%) lower than target for the year to date. It is also 1.5% lower year-on-year.

VAT was 1.2% ahead of cumulative target and is up 3.1% year-on-year.

Corporation tax is also ahead of profile for the year.

Government spending is 1.1% ahead of target, with overruns continuing in the health and social welfare budgets.

The Exchequer deficit at the end of August was €11.3bn, while debt funding costs were €4.8bn.