Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I will revert to the question. How long does the Department expect it to continue? Mr. Hogan's statement says "it seems reasonable to expect this level of activity is sustainable and for it to continue". How long is it expected to continue? Is it that we will get over 2018, we will have €9 billion of property transactions, we will meet the target and it will then drop back to what it was prior to the three years which Revenue is using to calculate it? In 2013 the level of commercial property transactions was half what is was in 2014. Then 2014, 2015 and 2016 remained stable, when one-offs were stripped out. I am not sure of the final figures for 2017. How long does the Department expect that trend to continue?

It has been stated to be sustainable and for it to continue. In the Department's view, which I am sure accepts Revenue's view, how long do we expect this? The reason I ask is that while it will be okay if we hit the figure this year, if there is a drop off - as there was in 2013 - then half the base is gone. It is quite interesting because, in the last conversation about the local property tax, one of the big arguing points the former Minister for Finance had at that time was about commercial stamp duty and over-reliance on it. In his opening statement one of his major gambits was that we needed a more stable base rather than relying on 9% commercial stamp duty. It is quite interesting that these two subjects are sandwiched together. How long does the Department of Finance expect us to have €9 billion of commercial property transactions annually? That is the figure that needs to continue to be achieved to be able to bring in the type of revenue that is suggested would come in annually from this increase.