Tax reliefs, which cost the €11bn a year, should be shut down much faster than currently planned by the Government, according to a new study by Trinity College.

The report says negative impact of tax shelters were never fully considered before governments introduced the controversial measures.

The report recommends an annual check on tax shelters by the Oireachtas.

The report says according to total tax revenue figures, the equivalent of 5.5% of Gross Domestic Product was lost in tax forgone due to the shelters.

It says tax breaks ‘represent an infrequently explored and little understood area of Irish public policy’.