State sent bloodstock industry report to EU

AN “estimate” supplied by the State to the EU on how much the stallion tax exemption cost the Exchequer in 2003 was yesterday revealed to be a copy of a consultants’ report for the thoroughbred industry.

The Department of Finance confirmed that it submitted a copy of the Indecon report commissioned by the industry on the cost to the State of the controversial exemption last September. The report concluded that only €3 million of tax was lost to the State in 2003 as a result of the tax break, which has been in operation since 1969.

The findings, based on a survey, figures and estimates provided by the industry, have been greeted with scepticism by the Labour Party, which has led the campaign to scrap the exemption.