New Exchequer figures show corporation tax receipts were 6.8% ahead of target last month.

Overall, just over €35bn in tax revenue was collected to the end of August.

An Exchequer deficit of €625m was recorded, which compares to a deficit of €1.8bn in the same period last year.

The Department of Finance says this was in-line with expectations - ahead by 0.7% or €233m, and up 8.1% on the same period last year.

August corporation tax receipts of €318m brings the cumulative amount to more than €4.9bn, which is €314m or 6.8% ahead of target - and €563m ahead year-on-year.

Income tax receipts of €1.8bn were collected in August, which was €141m or 8.2% ahead of the monthly target.

But the department says this surplus was "largely a timing issue", reflecting a late payment in respect of July.

The Department of Finance in Dublin | File photo

Excise duty receipts were slightly below profile by €15m to see a total of €490m collected in August.

VAT receipts also finished behind target by €122m.

However, the Department of Finance says: "August is a non-VAT due month and cumulative receipts were just below target, by 1.4% or €144m.

"This represents an improvement on the 2018 cumulative position of 5.5% or €520m."

Peter Vale, tax partner at Grant Thornton Ireland, suggests Brexit could change the landscape.

"Probably the biggest surprise is that Brexit does not seem to be curtailing consumer spending, with VAT figures broadly tracking forecast and 5.5% ahead of last year.

"However August is a quiet month for VAT receipts and it's difficult to see the figures later in the year not being adversely impacted by Brexit.

"Any unexpected fall in VAT revenues will require a surplus elsewhere to plug the gap."

Read the full Fiscal Monitor here