Wednesday, 29 August 2012

Property Tax should be exempt for those who paid high stamp duty in the 2000s

The Government should follow the detailed advice of the Commission on Taxation on this occasion.The taxation report recommended establishing a valuation system involving eight broad property bands with an online database giving all local valuations; the provision of limited and full waivers for those on low incomes; a seven-year exemption for those who paid high stamp duty between 2000 and 2008 and a requirement that property tax returns should be made every three to five years, involving tax-clearance certificates. It also urged, as a priority, that a register be established with up-to-date valuations of all property and land in the State. As might be expected, successive governments ducked that one. They also appear to have forgotten the commission’s proposal for a windfall tax on land sold for housing and on land zoned for development