Dono­hoe de­fi­ant over stamp duty in­crease

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Ron­ald Quin­lan

FI­NANCE Min­is­ter Paschal Dono­hoe has is­sued an un­apolo­getic de­fence of his de­ci­sion to in­crease the rate of stamp duty on com­mer­cial prop­erty trans­ac­tions from 2pc to 6pc in the re­cent Bud­get.

Re­spond­ing to ques­tions on the mat­ter at Davy’s an­nual con­fer­ence, which took place in Dublin last Thurs­day night, Dono­hoe made it clear that he would not bow to spe­cial plead­ing on tax­a­tion from the prop­erty in­dus­try, or any other sec­tor, if he be­lieved this would run con­trary to the na­tional in­ter­est.

“I don’t be­lieve the na­tional in­ter­est is equal to the sum to­tal of the pri­vate in­ter­ests of ev­ery sec­tor in our econ­omy. I have to look at what I do as (be­ing) col­lec­tively the right to do,” he said.

Com­ment­ing on the sug­ges­tion that the prop­erty in­dus­try had been shocked by his move, he said: “If it was a shock to the in­dus­try, then I urge them to look more care­fully at what I say in the fu­ture.

“In the run-up to the Bud­get, I said I would make eco­nomic choices in the con­text of how the econ­omy was per­form­ing and would make tax­a­tion choices in the con­text of those parts of the econ­omy for which that tax­a­tion pol­icy is rel­e­vant.”

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