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Sat 11 Nov 2002Government likely to target tax breaks in BudgetTAX ALLOWANCES: Cutbacks in a range of tax allowances and shelters are to be considered as part of revenue-raising measures in the Budget, according to Government sources. This will be done in a bid to raise revenue and help hold down borrowing.Among the reliefs to be examined are some capital allowances available to corporations and income taxpayers, and a range of schemes such as that for investment in film. Increases in indirect taxes have already been signalled, but the Government is committed to a further cut in corporation tax and to maintaining current income tax rates. Against this background, closing or restricting a range of allowances and reliefs is being examined as a way to raise funds. Sources say the Minister for Finance, Mr McCreevy, is determined to hold down General Government Borrowing (GGB), the borrowing measure used by the European Commission.