The Irish government has been called upon to draw up an emergency budget by the Consultative Committee of Accountancy Bodies (CCAB), after a revenue shortfall means that the current budget is working on incorrect figures.
Accountants in the organisation, which represents 23,000 members of various Irish accountancy bodies, such as the Institute of Chartered Accountants in Ireland and the Association of Certified Chartered Accountants, have estimated that taxes will be €4 billion less than expected.
Irish minister for finance Brian Lenihan, who announced the budget last October, worked from figures of €41 billion in taxes, but the CCAB has conservatively estimated that only €37 billion will be available to the government.
The committee said: "At this stage it is clear that current expenditure cuts … will not match the decline in tax revenue. Indeed, the €37 billion tax estimate may be optimistic."
Every Irish taxpayer was warned that they may face higher taxes to help the government reach its budgetary requirements, the Taoiseach Brian Cowen announced on Saturday night.
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