Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

This section in the Finance Bill is larger than many Bills we deal with. Some of it is quite straightforward and other parts are a bit more complex. We will have another opportunity to look at it on Report Stage with the Minister's amendments and others. I know we are restricted to three interventions or something like that, but I ask the Vice Chairman to allow a bit of back and forth to deal with this point. I do not imagine it will take very long.

My first question is on the rate. I heard what the Minister said about keeping the rate under review if it was required. We know the problems with the vacant site levy and we argued with the Government that it should come under the fold of the Revenue. Notwithstanding that, my question is as follows. Under the vacant site levy at 7%, the owner of a piece of land that is currently valued at €1 million is currently required to pay €70,000 annually. Under the provisions of this section of the Bill, that will no longer be the case. How much will the owner now pay?