Oireachtas Joint and Select Committees
Thursday, 18 November 2021
Select Committee on Finance, Public Expenditure and Reform, and Taoiseach
Finance Bill 2021: Committee Stage (Resumed)
The Deputy is missing two parts in that analysis. First, as he knows because he has called this out, is the major challenge in collecting that tax in the first place. He knows that because it is implemented via local authorities and it is not collected on the scale and with the speed we would want. This tax will be collected by the Revenue Commissioners.
The other part of the argument is that this will go from a tax that a few people pay to one that many landowners will pay, and a difference in scale. Returning to the example the Deputy gave of a piece of land worth €1 million, there would be many pieces of land like that across the country. The tax is being paid at 3% per year and will be collected every year. That means by year three of the tax, 9% of the value of that land will be paid in tax.