Sep 7, 2009
Irelandâ€™s largest firm of estate agents has asked the government for clarification on the future of stamp duty in Ireland following a review of the Irish tax system by the Commision for Taxation.
Sherry FitzGerald, Irelandâ€™s largest estate agents, have welcomed Âelements of the Report by the Commission on Taxation while also calling for immediate clarification from the Minister on the issue of Stamp Duty.
Commenting on the Commissions Report, Marian Finnegan, Chief Economist, Sherry FitzGerald Group said â€œThe Commissions proposal to eliminate stamp duty and introduce a property tax is more equitable for the Economy at large. The penalising rate of stamp duty applicable in the second-hand market has for too long acted as a barrier to entry to the property market and was in effect a tax on mobility. That said, without an immediate Government decision on this matter there is a clear danger that the all market activity will cease until Budget 2010.â€
Continuing Ms Finnegan said; â€œFrom an economic point of view a property tax is more equitable. It provides the Government with a recurring income, which is particularly valuable in times of market turbulence. The banding system proposed would make the introduction of such a tax less arduous. Furthermore the possibility that the annual property tax would become an important component of future financing of local government would benefit the development of local communities.