S&P has downgraded Ireland’s debt rating – again – while latest Government figures show that Ireland faces a €12bn hole in its tax revenues this year, compared to 2007. This post outlines where the hole has come from and how it can be tackled. This will require an open debate, though, which will involve sacred cows such as Ireland’s corporate tax rate and a property tax.

Ireland's €12bn tax hole in 2009, by taxation type