Stablising Ireland's public finances could be achieved by introducing a new property tax, a report has suggested.

A 550-page document published by the Commission on Taxation has recommended 230 potential moves to bolster the public purse.

One mooted idea is an annual property tax on all residential dwellings.

The report said this tax could be brought in as soon as possible.

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However, it would not be paid on social and local authority housing.

The commission also recommended a carbon tax, as well a new three-rate income tax system.

However, Fine Gael has blasted the plans, claiming an additional taxation on households during a recession is "unfair and unwise, and will only make the recession deeper and longer".

The party's Deputy Leader and Finance Spokesman Richard Bruton said: "We welcome some of the ideas in the Commission’s report on broadening the tax base to prevent further increases in tax rates for middle income families.

"Irish people know there will be pain in the years ahead because of the reckless management of the economy. But we will only accept harsh measures that are fair and equitable."

(PR/KMcA)