Corporation tax receipts amounted to €2.3 billion in October, which is more than €800m ahead of last year's figure, according to the latest Exchequer Returns.

The figure was more than double the amount that had been forecast.

The Department of Finance said it was due to increased profitability in a small number of firms in the multinational sector, but that it is not expected that these receipts will be replicated in 2023.

Corporation tax receipts for the first 10 months of the year now stand at €16.2bn, which is €6bn - or 69% - ahead of the same period last year, driven by significant increases in profitability in the multinational sector.

An exchequer surplus of €7.3bn was recorded in the year to the end of October, compared to a deficit of €7.4bn for the same period last year.

There was also strong growth in income tax and VAT, with overall tax revenue to the end of October standing at €63.9bn; which was €13bn - or over 25% - ahead of the same period last year.

Income tax receipts of €2.5bn were recorded in October, 12% ahead of last year.

Cumulative VAT receipts stand at €15.5bn, an increase of €2.9bn, or 23%, on the same period in 2021.

However, the economy was still in lockdown in the early months of 2021, which depressed last year's VAT figures.

A decline in expenditure due to the unwinding of Covid-19 supports also helped boost the State's finances.

Gross voted expenditure stood at €66.5bn, which was €1bn below the same period in 2021.

Non-voted expenditure accounted for €9.5bn, €5.3bn below the same period in 2021.

Commenting on the figures, Minister for Finance Paschal Donohoe said that the strength of potentially volatile corporate tax receipts continues to provide an artificially positive picture of the public finances.

"As I have warned on many occasions, while these receipts are welcome, it is imperative that the Government does not build up permanent fiscal commitments on the basis of revenues that may prove transitory," Mr Donohoe said.

Minister for Public Expenditure and Reform Michael McGrath said that the expenditure figures reflected increased funding to support public services, households and the economy.

"This demonstrates a responsive approach to the external challenges faced by our economy and society, including the ongoing response to Covid-19, the war in Ukraine and the increased cost of living," Mr McGrath said.