The government is predicting an exchequer surplus of €609m in 2019.
The figure is revealed in its pre-budget White Paper published last night which sets out expected returns up to the end of this year.
While a deficit of €1bn is predicted, the final surplus is set to stand at more than €600m when other incomes are accounted for.
In its forecast, the White Paper outlines that Ireland's contribution to the EU Budget will rise to €3.47bn next year.
Revenue from customs duty is also expected to increase significantly, from €366m to €1.24bn.
There is also expected to be an increase from corporation, income, and capital gains taxes and VAT.
The paper was released ahead of the publication of Budget 2020 Tuesday.
It sets out the projected Exchequer revenues and expenditure for 2019 and 2020 on a pre-Budget basis.
The Department published the Estimates of Receipts and Expenditure for Year ending 31 December 2020 (the 'White Paper') at 00:01am today. It sets out the projected Exchequer revenues and expenditure for 2019 and 2020 on a pre-Budget basis. Find it here: https://t.co/1GWGbIbxd7
— Department of Finance (@IRLDeptFinance) October 5, 2019
The announcement came as government revealed it plans to abandon a promised €500m top-up to its Rainy Day fund.
The Minister for Finance Minister Paschal Donohoe said it would make no sense to deposit the extra money with the ‘real material risk’ of a no-deal Brexit on the horizon.
Minister Donohoe also warned that an extra €450m would need to be allocated to cover overspends in government in the Department of Health and Social Protection.
However, Labour Leader Brendan Howlin says the fund clearly isn't working and the money now needs to be used to protect jobs.
He said: "I believe, and I read about it all this week, that it's much more prudent to protect jobs under threat than to try and replace jobs lost.
"I think the €1bn that I envisage should be deployed immediately, the support industry that could come under threat in the event of a no-deal Brexit, that should be an announcement that the Minister for Finance makes on Tuesday."
