None of collected Property Tax will fund bailout debt, Department insists

The Department of Finance is insisting none of the Property Tax funds will go towards Ireland's bailout debt or to bank bondholders, and that any claim to the contrary is inaccurate.

None of collected Property Tax will fund bailout debt, Department insists

The Department of Finance is insisting none of the Property Tax funds will go towards Ireland's bailout debt or to bank bondholders, and that any claim to the contrary is inaccurate.

It follows a report today that the €175m collected so far is being used to reduce the Budget deficit and not for local services.

The Department said the money will be paid into the new Local Government Fund from January of next year.

It is also intended that 80% of the funds will be retained in the local authority area in which it was raised.

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