Dáil Éireann Debate, Tuesday - 17 October 2017
144. Deputy Michael McGrath asked the Minister for Finance the estimated tax revenue that will be generated by increasing stamp duty on commercial property from 2% to 6%; if the estimate was based on current 2017 volume; if it is assumed that 2018 sales volumes will equal 2017 volumes; and if he will make a statement on the matter. [44052/17]
View answerThe Revenue Ready Reckoner (http://www.revenue.ie/en/corporate/information-about-revenue/statistics/ready-reckoner/index.aspx, on page 18) shows the effect of a 0.5% increase in the Stamp Duty rate on non-residential property (€47m). This is multiplied up to €94m for a 1% increase, or €376m for a 4% increase.
I am advised by Revenue that the estimated yield for 2018 is based on payments of Stamp Duty on the purchase of non-residential property in 2016 and an assessment of trends in payments in 2017 to date. The estimated yield makes an assumption of no behavioural change.
