In its pre-Budget submission to the government, the Irish Home Builders’ Association (IHBA) has calculated that taxes make up over 40% of the cost of a new house, representing a 6% increase in the tax take from a new-build.
The IHBA bases its figures on the total price for an average house in both Dublin and the rest of the country assuming average prices of 295,000 euros and 225,000 euros respectively. Its study found that taxes account for 41% of a new house in Dublin, and 39% in the remainder of Ireland. This rises to 45% on a second-hand transaction in Dublin, and 42% elsewhere said the IHBA.
A breakdown of the taxes involved includes VAT at 13.5%, corporation tax at 12.5%, income tax and PRSI at 37% in addition to stamp duty, capital gains tax, land transfer and development levies.
The builders’ lobby group is also strongly objecting to plans to allow local authorities to double levies placed on developers.
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