It seems that some companies with Irish-based stallions are quite gifted when it comes to talking up the performances of their Group 1 (or otherwise) performed stock but are not quite as forthcoming when it comes to the profits they are pocketing.

A breeding industry study commissioned in 2004 reportedly estimated the loss to the Exchequer from the stud-fee exemption at €3m, yet the The Irish Exchequer's office stated this week that the figure unable to be collected was around €7m due to the controversial incentive that allows stallion owners to pay no tax on stud fees. Government figures showed that the stud-farm industry declared profits of €17m on such fees in 2004.