The Office for National Statistics (ONS) said income tax receipts rose by 2.5 per cent in June to £11.5bn, the highest level since records began in 1997.
Read more: July Budget 2015 at a glance
At the same time, corporation tax receipts jumped 13.9 per cent to £1.7bn, also the highest amount on record.
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However businesses stressed that, while the chancellor could be on course to beat his borrowing targets, more must be done to restore stability to the UK's public finances.
"There is a realistic chance that borrowing in the entire financial year will be lower than forecast by the chancellor in his Budget earlier this month," said David Kern, chief economist at the British Chambers of Commerce.
"“However, we must not understate the big challenges that the UK faces in restoring stability to our public finances. Britain’s financial sector was hit hard in the recession and, together with lower oil and gas output, our ability to generate tax revenues has been seriously constrained. Therefore, we have to continue to focus on other means to tackle the deficit - including cutting current government spending."
And a HM Treasury spokesperson said: "We have more than halved the deficit, but with debt over 80 per cent of gross domestic product the job is not done."
"That is why we will continue to work through our long term plan to achieve a budget surplus in normal times and secure a better economic future for working people."