Deputy Arthur J Spring has welcomed the news that the number of people seeking deferral on their property tax has been far below the number that had been projected, and is calling for the savings to be used to reduce the budget adjustment for next year.

The statement comes as Revenue Commissioners revealed that just 3% of people liable for the Local Property Tax have applied for deferrals. Revenue had projected that 15% of taxpayers liable would seek deferrals.

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He said: "This is a welcome development for our long term financial future – it means the upfront take from the Property Tax will be higher than anticipated. In addition there has been a high level of compliance in terms of payment of the tax.

"It is good news for the taxpayer – it translates into a reduced cost of €30m this year and €60m in a full year, when taken as a share of the total €500m target in a full year. This increased level of receipts should be deducted from the topline figure of adjustment of €3.1bn in the upcoming Budget, leaving a lower sum of €3.01bn to be adjusted.

"While it still leaves tough decisions to be made, any possible contribution to pushing down the total adjustment must be looked at, in order to protect people's livelihoods and the level of services as much as possible."

(CD/MH)