Figures for the first six months of the year show an Exchequer surplus of €507m, compared with a €3.3 billion surplus in the same period last year and a budget target of a €170m surplus for 2002 as a whole.
Total tax receipts were down 7.1% on last year to €13.326 billion. This compares with a budget target of an 8.6% rise. But the Department of Finance says this figure was affected by a timing factor relating to Corporation Tax, and that adjusted tax revenues are roughly the same as last year.
Income tax receipts, however, are 13.4% down on the first half of 2001, well short of the budget time estimate of a 1.1% rise.
The Department says there may be a shortfall of around €500m in tax revenue by the end of the year, but this could be offset by revenue from Central Bank profits, the sale of ACC Bank and third generation mobile licences.
Receipts were boosted by €635m from the Social Insurance Fund and €250m from the issue of coins.
The year-on-year increase in total spending was 22%, compared with a target of 14.4% for the year.
In a comment accompanying the figures, Finance Minister Charlie McCreevy says they are in line to achieve a surplus this year, as non-tax and other revenues should help compensate for lower than expected tax revenues.
