The Government has been advised it may have to increase property tax by 600 per cent or raise the price of petrol, diesel and alcohol if it scraps the Universal Social Charge.
The documents drawn up by the Department of Finance and released under the Freedom of Information Act warn against the removal of the levy, claiming it will narrow the tax base and would be a regressive move.
A briefing note prepared in February for an incoming government outlines four different options to replace the revenue lost by the immediate abolition of the charge.Risk Warning:
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.