Business Irish

Tuesday 25 April 2017

TASC calls for new measures to raise €2bn

BUDGET

Thomas Molloy

Thomas Molloy

TASC, a Dublin-based think tank, said the Government should raise €2bn by introducing a tax on homes, abolishing some property tax reliefs for investors, reducing pension reliefs and adding 75 cents to the cost of a bottle of wine.

The think tank's director, Nat O'Connor, also said €2bn could be saved each year from 2012 to 2023 by restructuring the so-called promissory notes, which the last Government created to pay off Anglo Irish debt in stages.

"Since the economic crisis hit, budgets have focused narrowly on government finances, rather than on the health of the economy as a whole," Mr O'Connor said, ahead of an appearance before a Dail committee today.

TASC said the Government could generate more than €1bn with a residential property tax of 0.3pc of a home's value.

It estimated a further €450m could be saved by reducing the tax relief on pension contributions to the standard rate of income tax.

Around €138m could be generated by extra excise duties on petrol, beer, spirits and cigarettes, it added.

Irish Independent

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