State faced 1bn loss from tax loophole

A TAX loophole closed off by the Minister for Finance in this week’s Budget could have cost the State a staggering 1 billion in lost revenue.

In the wake of the minister announcing the change, opposition parties said yesterday that the provision, which has been in place for 30 years, could have saved land developers sums approaching E1 billion.

In his Dáail speech on the Budget yesterday, Labour leader Pat Rabbitte was highly critical of the provision.