Irish Exchequer Spends EUR8 Billion On Tax Reliefs, Says Revenue Commission
According to Labour Party spokeswoman Joan Burton, figures from the Irish Revenue Commissioners have revealed that 28 major tax reliefs are costing the Exchequer over EUR8 billion per year, whilst the cost of a further 33 tax allowances is supposedly unknown.
Of the figures revealed to Burton, some EUR1.9 billion is said to be accounted for by a range of capital allowances such as those for the replacement of machinery.
Pension-related allowances, both for funds and contributors are also major items, as is capital gains tax exemption on the sale of principal private residences.
However, figures for tax reliefs on a range of property investments, urban renewal and research and development schemes were apparently unavailable.
Burton has suggested that the news is likely to anger many taxpayers in Ireland, especially in the light of a recent revelation that dozens of high income individuals paid no tax in 2001.
.
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.