Tax shortfall to hit €26bn by year’s end

THE black hole in the nation’s finances will explode to more than€26 billion by year’s end due to a deeper than feared collapse in tax revenues, exchequer figures last night revealed.

Finance Department experts admitted the €1bn shortfall in tax returns already recorded would double to €2bn by Christmas as the devastated property market continues to drag down the rest of the economy.

Exchequer tallies to the end of September put the deficit at €20.2bn, €10.8bn more than this time last year. The increase is being partly blamed on €4bn being pumped into nationalised crisis bank Anglo Irish.