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THE DEPARTMENT OF Finance has said that an interdepartmental group’s report on the introduction of a property tax to replace the household charge is currently with the Minister for the Environment Phil Hogan.
The group was set up early this year to consider proposals for a property tax.
Recent updates on Ireland’s Memorandum of Understanding – the document which outlines the conditions for the state’s bailout loan with the European Commission, IMF and ECB – have shown that the government plans to introduce the property tax in Budget 2013.
A spokesperson for the Department of Finance said today that the “report on the introduction of a progressive and fair property tax to replace the household charge is with the Minister for Environment”.
“The recommendation will be considered by Government in due course,” the statement added.
“There is no new information or details contained in the EU/IMF documents published on Friday regarding Budget 2013 and the documents mirror the previous Programme documents published in May. The only decision that has been taken by Government regarding the property tax is that it will be administered by the Revenue Commissioners.”
Ministers Leo Varadkar and Pat Rabbit told RTÉ today that no decision had been made at government level on how the tax would be levied. They said that a ‘value-based tax’ did not necessarily mean the value of the property, but could mean the value of the site.
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NAMA made a profit, what a joke. It bought loans and ‘assets’ for sweet F all and put the loss on the Banks (ie the taxpayer), then it sells them for a small ‘profit’ and we are all supposed to cheer. Big load of BS, smoke, mirrors and spin.
If everybody applied the NAMA accounting model of ignoring the liabilities then every business would make a profit!
Journal, when commenting on NAMA please include the original book value of the Nama loans redeemded to date and amount they were sold for, this will give us the true monetary value of Nama and not the government crap that this article is full of.
Does all this money Nama re coups come off our government debt or what way does it work??
Barely paying the interest.
51% of Nama is owned by Private investors namely (Walbrook Capital, New Ireland Assurance Co. plc and Percy Nominees Ltd)
So NAMA bought these loans for flip all, make the taxpayers pick up the bill for the losses and the winner again is the private investors
Sure but the profits don’t go to the private owners. They get 10% on their investment. Not bad but hardly amazing.
The whole point of NAMA was to take the debt off the Irish balance sheet.
And that debt is still there David.
And reducing yeah?
David is right, NAMA takes the outstanding debt associated with same off the Gov Balance Sheet and allows NAMA raise debt if it so wishes.
Nama was the greatest slight-of-hand since the blanket guarantee.
51% privately owned its liabilities do not appear on public accounts. However, ultimately most of its profits will be returned to private investors (officially undisclosed), while the taxpayer will pick up losses when it all goes pear-shaped.
And we will all see that reflected in out income……… not.
Brilliant……..when is the party?
That is good to see.
Interesting to see the limited number of comments on stories of this nature which only goes to prove that the average reader of the Journal must be a member of Sinn Fein!
The evidence for such a conclusion is derived from the economic and fiscal illiteracy of such individuals and their avoidance of such subject matter.
Richard, you should continue your use of alliteration in your chosen names for commenting here. ‘Pompous Pr***’ would also be a good choice.
Richard,
Remind us all what the ECB thought of the Prom Night bonds…
have your say