Irish accountants call for emergency government fund

The Irish government risks a budget blow-out unless emergency funds are set
aside, the country’s top accountancy body has warned.

The Consultative Committee of Accountancy Bodies in Ireland say the
government’s prediction that it would reap euro37 billion in tax revenue was
overly optimistic.

The body, represents 23,000 members in the Institute of Chartered Accountants
in Ireland, the Association of Chartered Certified Accountants, the Institute of
Certified Public Accountants in Ireland, and the Chartered Institute of
Management Accountants.

It recommended that the government draw up an emergency budget in order to
raise the required revenue. This would involve higher taxes, spending cuts as
well as incentives to increase innovation and research and development, it said.

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