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Welcome for Finance Bill measures

Wednesday, February 13 17:32:44

There has been a more-or-less broad welcome for aspects of the Finance Bill which contains amendments to the property tax and additional benefits for SMEs.

It included exemptions for homes affected by pyrite, charity owned homes and deferral options for those in financial hardship.

Ed Carey Chair of the Residential Agency Professional Group of the Society of Chartered Surveyors Ireland (SCS) said "Bringing a sense of fairness and equity into the introduction of this tax was essential and some of the concessions announced will go some way to alleviating the financial pressures on those in dire financial circumstances.

While the Finance Bill provides more detail on the implementation of the property tax, we look forward to the publication of a valuation self-assessment guide for homeowners so that they can begin to plan financially for the introduction of the tax this Summer."

The SCSI also welcomed the provisions for the introduction of Real Estate Investment Trusts (REITS) in the Finance Bill.

"REITS will improve liquidity in the commercial property market and assist in attracting additional international investment but they must be well regulated and lessons should be learned from the US and UK experience" Carey said.

Employers group, IBEC, welcomed some useful additional measures in the Finance Bill to support enterprise, employment and investment.

IBEC Chief Economist Fergal O'Brien said: "In addition to the SME tax package, which was announced in the Budget, the Finance Bill includes some useful new measures. The enhancements to the R and D tax credit scheme and intellectual property regime will support research and innovation. The extension of the Employment, Investment and Incentive Scheme (EIIS) and the seed capital scheme is also welcome."

"Recent budgets have seen a sharp increases in the overall tax burden and it is vital that we maintain a tax system which encourages investment. Targeted measures which support construction and real estate investment are therefore welcome. A sensible approach has also been taken to the taxation of the early release of AVC pension schemes. This measure will help people who may be financial difficulty and also provide a stimulus for the domestic economy."