The public finances recorded a deficit of €1.1 billion in January.
That compares with a surplus of more than €700 million at this stage last year, when the State coffers were boosted by the part sale of our investment in Bank of Ireland.
Tax revenues in January fell by more than 17% at €3.1 billion.
But the Department of Finance says this is due to some money being received later than normal because of changes in European payments system.
It said excluding the timing factors, tax revenues were up 5% on last year.
Income tax totalled €1,236 million for the month, which is down €151 million year-on-year, while VAT receipts last month totalled €1,369 million - a fall of €372 million from January 2013.
Corporation tax receipts of €7 million were €11 million down on January last year.
The Department says that while January is not an important month in terms of overall corporation tax, “it still shows the impact of delayed direct debits”.
However excise duties were up €24 million year-on-year, at €342 million for the month.
And local property tax receipts last month amounted to €33 million. But as the property tax was introduced in the middle of last year, there are no year-on-year comparisons.
