Mr. Sebastian Barnes:

The comparison with stamp duty in the past is very close. It is a very large share of Government revenue. It is very volatile. Much of the money is coming from multinational companies and has essentially been raised in other countries so it is not like most taxes where we tax Peter to pay Paul. This is a net injection of money coming into the economy so the economic implications could be significant. However, to be reassuring, I do not believe they are on the scale of the previous housing boom but they are significant and it should be a concern.

In terms of specific tax policies, that is not something the council has a view on but it is welcome that there will be a commission to examine taxation and welfare. It is good that these issues are examined in a serious, careful and evidence driven way. It is important in the long run to the sustainability of public finances that Ireland has a broad-based tax base that is favourable to growth, respectful to the climate, fair and maintains public support. That is the right place to go for answers to that question.