Property tax may need to be increased by 600% in case USC is scrapped

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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.

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The author Paul