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Ireland Urged To Tax Away Inflation

by Jason Gorringe, Tax-News.com, London

28 November 2003


In its latest assessment of the Irish economy, the OECD (Organisation for Economic Cooperation and Development) has urged Finance Minster Charlie McCreevy to use taxation to curb potential inflationary pressures, particularly in the housing market.

“Tax incentives that boost the demand for housing in an already overheated residential market should be cut, which would also enable resources to be reallocated towards urgently needed infrastructure development”, the OECD report observed.

Howwever, such a move is likely to be deeply unpopular with the country’s developers and the construction industry, if the Irish government follows through on the OECD’s recommendation, especially now that local authorities have proposed new development levies that could add up to 5% to the cost of a house.


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