Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The revenue property-related transaction taxes are generating for the Exchequer will be approximately 3% of the total tax take for next year, which is well below where it was in the period leading up to the crash. Regarding developments in terms of non-housing building and construction, my Department forecasts that this sector accounts for 8% of national income which would rise to 10% in the absence of a measure such as this. The long-term average figure is 7%. I put this measure in place with the aim of shifting some of the human capital and economic activity involved in the delivery of commercial property to the delivery of homes. That is one of my main reasons for introducing the measure. As I have told the Deputy a number of times, the rate of 2% compares to a figure of 6% in recent years and 9% for many years before that. The rate was too low and needed to be increased.

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