Irish government to raise taxes

Irish citizens and businesses will face higher taxes by the end of March, as
the government rushes in an emergency budget to shore up revenues.

The latest available figures paint a dire picture – revenue for the first two
months of 2009 was euro1.8bn lower than the 7.5 bn the government collected in
the same period last year.

Cabinet ministers opted to raise taxes rather than breach the government’s
euro18 bn borrowing target, which it describes as ‘important for the country’s

The government wants to run a budget deficit of no higher than 9.5% of gross
domestic product in 2009.

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