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.
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