Finance Department unable to guess cost of tax breaks

THE Department of Finance said yesterday it was unable to estimate how much extending property-based tax breaks until 2006 will cost the State.

In response to a query from the Irish Examiner yesterday, the department could only supply an estimate for one of the 10 schemes, but it could not yet determine how the cost to the Exchequer of the other major schemes, including urban renewal, holiday homes and car parks.

Green Party spokesman Dan Boyle responded to the admission by saying Minster for Finance Charlie McCreevy may expose the Exchequer to a revenue black hole that could run into hundreds of millions.