The tax take has slipped down €77m, 1.3%, compared to the same time last year, official figures have revealed.
The Government blamed a series of one-off events for the drop after January figures had recorded a 3% increase on the previous year.
According to the Department of Finance, the Exchequer deficit was less than €1bn last month – down to €973m from the €2.1bn recorded at the same time last year.
On the tax front, income tax was €123m, 9.1% down on February last year, which officials said was due to a reclassification of PRSI while the performance of corporation tax was faced with a €251m late payment recorded in the 2012 figures.
Excise duties are up €10m to €650m while Vat is up €49m year-on-year.
The Department of Finance described the growth in Vat revenues as encouraging.
Officials noted the cuts in public spending, with costs at the Department of Social Protection down 5%, but the Department of Health up 1.2% and the Department of Education down 5%.