Capital Acquisition Tax (CAT) remained a very important source of revenue for the State, the House was told by the Minister of State for Health, Mr Tom Moffat, on behalf of the Minister for Finance.
He said Mr McCreevy considered it important that a certain balance be maintained within the overall taxation system in terms of the yield from taxes on earnings, taxes on goods and services, and taxes on capital.
However, the Minister was mindful of the need for some degree of alteration of the CAT code.