Higher rates of stamp duty on commercial property transactions in the Irish Republic are increasing the incidence of tax avoidance, and will drive developers to invest abroad, the new president of the Irish Auctioneers and Valuers Institute (IAVA) Aidan O'Hogan warned recently.
Speaking following his investiture as head of the IAVA, O'Hogan revealed that the higher stamp tax regime is also affecting the private residential market, and is forcing homeowners to buy holiday homes abroad to avoid higher tax bills. In addition, specialist tax advisory firms are devising more creative ways for clients to avoid the tax altogether.
O'Hogan argued that stamp duty is now a major obstacle to investment and has "reached the point of diminishing returns," according to a report from the Online.ie news service.
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