The Adam Smith Institute in the UK calculated ‘Tax Freedom Day’ in Ireland as 7 May 2005. Tax Freedom Day is the day that a resident of a country has paid their taxes for the year and from which date they are working for themselves and not for the government. Tax Freedom Day compares a nation’s total income against its total tax take and then translates that into a specific day of the year.

Residents of the Eurozone, on average, will have to work until 28 June before they have paid all their taxes. US workers, by contrast, have benefited from President Bush’s vigorous tax-cutting: they finished paying taxes nearly two months ago, on 11 April — the earliest date in 37 years.

Of the EU countries, Ireland seems the best placed. On the tax front at least, both Greece (1 June) and Spain (4 June) are also below the average. But there may be problems ahead for Italy (24 June), Austria and France (both 5 July), all above the average, and also for Denmark (24 July), which is well above.