1 September 2009
Taoiseach Brian Cowen has admitted that he has not yet committed to the idea of an Ireland property tax, but acknowledges that the country’s government does need to find funds to fill its existing budget deficit.
“I'm not wedded to property tax,” Cowen told the Sunday Independent. “But I don't want that to be suggested that we are not prepared to take the decisions that need to be made if that is what is deemed necessary,” he added.
"We have very low taxes on property in this country, if any."
The system of taxation may change next year, following a government-sponsored report compiled by the Commission on Taxation.
The commission, which reviewed all aspects of the taxation system, including its structure and efficiency, is expected to recommend the introduction of a property tax, to replace stamp duty, based on the value of each of each home in Ireland.
The 700-page report compiled by the commission is currently being considered by the government and is expected to be released next month.
The government aims to raise €1.75bn in additional tax revenues, while cutting spending by €2.25bn in 2010, in an attempt to balance its books.
See Also: Marc Da-Silva (269), Ireland (7), Tax (9)
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