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A Site Value Tax for Ireland: Approach, Design and Implementation

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Author Info

  • Micheal L. Collins

    ()
    (Department of Economics, Trinity College Dublin, Ireland)

  • Adam Larragy

    ()
    (Royal Holloway, University of London, United Kingdom)

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    Abstract

    Ireland’s Memorandum of Understanding (MoU) with the EU/IMF requires government to introduce a recurring annual property tax. While the MoU has not specified the precise form this new taxation measure will adopt, commitments in the National Recovery Plan 2011-2014 and Fine Gael/Labour Programme for Government have pointed towards the introduction of an annual Site Value Tax (SVT). Budget 2011 suggested that the yield from this tax source would grow from €180m in 2012 to reach €530m in 2014. Similarly the MoU commits government to raising additional taxation revenues of €1.5bn in 2012 and €1.1bn in 2013 with both to be partly funded by a property tax and increases to that tax. To date assessments of the feasibility of a SVT (by the Commission of Taxation and the Department of Finance) have pointed towards a series of practical difficulties associated with its introduction. This paper outlines a proposal to overcome these difficulties and to introduce a credible, fair and reliable annual SVT from January 2013. The paper uses the land registry database of the Property Registration Authority of Ireland (PRAI) to outline the structure and administration of a SVT.

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    File URL: http://www.tcd.ie/Economics/TEP/2011/TEP1911.pdf
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    Bibliographic Info

    Paper provided by Trinity College Dublin, Department of Economics in its series Trinity Economics Papers with number tep1911.

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    Length: 31 pages
    Date of creation: Dec 2011
    Date of revision:
    Handle: RePEc:tcd:tcduee:tep1911

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    Postal: Trinity College, Dublin 2
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    Web page: http://www.tcd.ie/Economics/
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    Related research

    Keywords: Taxation; Property; Fiscal Policy; Ireland;

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    References

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    1. Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number marshall1890.
    2. Oates, Wallace E. & Schwab, Robert M., 1997. "The Impact of Urban Land Taxation: The Pittsburgh Experience," National Tax Journal, National Tax Association, vol. 50(1), pages 1-21, March.
    3. Feldstein, Martin S, 1977. "The Surprising Incidence of a Tax on Pure Rent: A New Answer to an Old Question," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 349-60, April.
    4. Oliver Marc Hartwich, 2006. "Taxing Land Value Is Just Another Questionable Tax," Economic Affairs, Wiley Blackwell, vol. 26(4), pages 61-63, December.
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