ESRI: Tax hikes of €5bn needed just to plug looming exchequer losses 

The ESRI said it is setting out the options for tax billions the Government could raise from the traditional big sources such as income tax, Vat hikes and new valuations for the local property tax, frozen at 2013 property prices

A new ESRI report shows that increasing the rates of income, Vat and the property tax would be the easiest way to raise significant billions in additional taxes. 

Annual tax hikes of over €5bn, including politically contentious increases in personal and local property taxes, are required just to plug looming revenue losses, the Economic and Social Research Institute (ESRI) has warned.

In a major report, the think tank sets out the extra billions in tax the State will need to tap to meet its spending and investment commitments for Sláintecare, building and retrofitting homes for climate change, and investing billions in infrastructure.