STATEMENT FROM THE IAVI IN RESPONSE TO THE NESC REPORT AND PROPOSALS

In response to National Economic and Social Council (NESC) recommendations that “the Commission on Taxation should examine the possibility of replacing stamp duties with a more sustainable and equitable form of property tax”, Mr. Edward Carey, President of the Irish Auctioneers and Valuers Institute (IAVI), said “while a discussion on the reform of stamp duty is necessary, comments and proposals in the middle of a turbulent market only serves to create further turbulence and uncertainty.”

“We feel that this is, in fact, a proposal to use property taxes to shore up revenue losses as a result of the downturn. This type of taxation has been tried before and it did not work then, and replacing, or indeed supplementing one inequitable tax with another is no solution. At least stamp duty is payable at a time that a transaction is being conducted.

“In the current climate, increases and changes to taxation will affect an already slowing market, and hard pressed tax payers . It is our opinion that any new taxes, along with their potential impact need to be very carefully considered," he said.

Ends
For more information please contact Carina O’Neill, Bracken Public Relations on 01-6773277 or 087 2228124



Carina O'Neill
Bracken Public Relations
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