Black market costs State €2bn in lost tax

TWO billion euro a year is being lost in tax revenue because spiralling costs are forcing Irish businesses to operate in the black economy.

Business leaders warned yesterday that 25,000 jobs have been lost in Ireland over the past year, 17,500 of these in the manufacturing sector.

Up to 70% of these jobs were lost as a direct result of increased costs, the Irish Small and Medium Enterprises organisation said.