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Date: |
Wednesday November 9th 2011 |
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Topic: |
Designing a Site Value Tax for Ireland |
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Speaker: |
Dr Micheál Collins, ERU |
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Venue: |
INTO Training Centre, 38 Parnell Square, Dublin 1 (map attached) |
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Time: |
4-5:15pm (Tea and coffee from 3:50pm) |
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Contact: |
info@eru.ie to register or for any further information |
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Abstract: |
Ireland’s Memorandum of Understanding (MoU) with the EU/IMF requires government to introduce a recurring annual property tax from 2012. While the MoU has not specified the precise form this new taxation measure will adopt, commitments in the National Recovery Plan 2011-2014 and Fine Gael/Labour Programme for Government have pointed towards the introduction of an annual Site Value Tax (SVT). Budget 2011 suggested that the yield from this tax source would grow from €180m in 2012 to reach €530m in 2014. Similarly the MoU commits government to raising additional taxation revenues of €1.5bn in 2012 and €1.1bn in 2013 with both to be partly funded by a property tax and increases to that tax. To date assessments of the feasibility of a SVT (by the Commission of Taxation and the Department of Finance) have pointed towards a series of practical difficulties associated with its introduction. This paper outlines a proposal to overcome these difficulties and to introduce a credible, fair and reliable annual SVT from January 2013. The paper uses the land registry database of the Property Registration Authority of Ireland (PRAI) to outline the structure and administration of a SVT. |
Author: Philip Lane
Ever responsive to the concerns of this blog’s readership, the IIEA has organised this event.
Readers may be interested in the papers presented at the XXIV Symposium Moneda y Crédito in Madrid: the list is here, including my joint contribution with Barbara Pels on “Current Account Balances in Europe“.
There is much international media coverage today of various scenarios by which Greece more extensively defaults on its debt and possibly exits the euro. The FT provides a nice graphical summary here.