Irish Finance Minister Charlie McCreevy has assured taxpayers that the government has no plans to raise levels of direct taxation, despite a growing shortfall in revenues.
In an address to the Leinster Society of Chartered Accountants, McCreevy said that the policy of low direct taxation was one of the central pillars underpinning the success of the Irish economy in the 1990s, and announced that the money to help make up the shortfall in revenues will have to come from other sources, e.g. indirect taxes on tobacco and alcohol.
Figures released last month showed that tax revenues undershot government forecasts by 892 million euros in the first eight months of the year. However, the shortfall is expected to be nearer 500 million euros by the end of the year, after contributions from self-employed taxpayers are received in November.
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