Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy. We have enjoyed a fine close-up view of him for the past few minutes and he is coming across loud and clear. As he will expect, as Minister for Finance, I cannot get into detail on any individual tax issue so close to budget day. The residential zoned land tax was introduced as an activation measure. The point has been made by many, in addition to the points the Deputy has made, that the impending implementation of that measure has resulted in some land coming to the market that will result in homes being built for the people we all want to see having an opportunity to purchase or rent a home into the future. As I said earlier, in the lead-up to budget day, of course, I am examining the full suite of the taxation code, including the residential zoned land tax, given it actually comes into effect in the coming months, on 1 January.

With regard to landlords and people who provide accommodation for rent in our society, they provide a valuable service and that should be acknowledged and supported. We need to have an adequate supply of rented accommodation, not just in our cities, but in small towns and villages all over Ireland. The truth is that landlords, in particular small landlords, have been leaving the market for a number of reasons. Taxation is cited as a reason or a factor for some, and it may well be, but there are other reasons, including the interest rate environment, the fact some may be of an age that they want to get out of the market, some may be out of negative equity for the first time ever and are taking the opportunity, and some may have issues with the nature of regulation or their engagement with the Residential Tenancies Board, and so on. The truth is there are many reasons. Of course, in the context of the budget, I am examining the rental sector to see what more we can do to bring stability and to ensure that we have a continued supply of rented accommodation, but that is not to commit to any specific measure at this point.

I would make a broad point overall about expectations because I have an overall envelope of just over €1.1 billion in respect of taxation, and that will only go so far. The Deputy will be familiar with the concept of limited resources. While I note the points that he has made, I also have to be clear with all of the different interests and stakeholders who are making the case that they should get a very large share of the resources I have available. It is a limited amount and it will only do so much. I have to prioritise. I will do the very best I can in respect of a whole range of issues but, as always on budget day, there are constraints.