Tax take €3bn down on January estimates

CABINET discussions on the forthcoming emergency budget will resume today after new figures show the sharpest economic decline in 27 years and a tax take €3 billion down on what was expected in January.

Taoiseach Brian Cowen hinted that significant changes to the tax system are on the way on April 7.

“Our tax system needs to change. We need a better tax system to meet out newer circumstances,” he told a group of finance experts and business leaders at a conference yesterday morning.