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

I will keep it under review. I acknowledge the work of my predecessor and the officials in developing the vacant homes tax. It was the right decision. In addition to the rate of the tax, the provisions were designed such that surcharges, interest and penalties would apply as well. Section 653BF of the principal Act provides for a surcharge to be imposed where a chargeable person fails to file a correct vacant homes tax return by 7 November 2023. A surcharge of 5% of the tax payable will be imposed where a late return is filed within two months of the filing deadline. The surcharge increases to 10% where the return is filed more than two months after the filing deadline. Section 653BG provides that Revenue may also apply a penalty where the chargeable person fails to file a correct return by the due date. Section 653BE provides for interest to be charged on late payment of the vacant homes tax at a rate of 0.0219% per day. It is important to give this context to show that compliance and enforcement are an important part of the work.

The Deputy makes some fair points and I certainly will consider them. I considered this issue closely in advance of the budget. It was not possible to introduce the reform we have discussed in budget 2024 or in the Finance Bill but it is an issue I will continue to examine.