The tax take has slipped down 77 million euro, 1.3%, compared with 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 one billion euro last month - down to 973 million euro from the 2.1 billion euro recorded at the same time last year.
On the tax front, income tax was 123 million euro, 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 251 million euro late payment recorded in the 2012 figures.
Excise duties are up 10 million euro to 650 million euro while VAT is up 49 million euro 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%.