Brian Cowen (Laois-Offaly, Fianna Fail)

Housing market activity impacts primarily on VAT, stamp duty and capital gains tax. It also impacts on income tax and PRSI receipts and corporation tax from construction sector company profits. While revenue from housing market activity, such as that relating to stamp duty and capital gains tax, has made an increasing contribution to the Exchequer in recent years, we are not overly reliant on receipts from this source. Taken together, for example, the stamp duty and capital gains tax heads are forecast to contribute approximately 15% of total targeted tax revenues in 2007.

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