PRESSURE is mounting on the Government to back off on a new property tax which will hit largest homeowners most even though their income maybe low.
The Government told the troika last week it intends to bring in a value-based tax. However, critics say, this is not the time when many homeowners are in mortgage arrears and in negative equity.
Speaking in Limerick today, Minister for Finance Michael Noonan said the new tax will be introduced next year, as required under the terms of Ireland’s agreement with the EU-IMF troika.
Mr Noonan said the only thing that is now certain is that there will be a tax and it will be collected through the Revenue Commissioners. “None of the detail has been decided yet and what the base will be, or anything like that, but it will be decided in due course, between now and budget day. Obviously it’s a budget matter.” He was attending the opening of Easons new store in the Parkway Shopping Centre and warned “Budget 2013 will include tax increases and cuts to services”.
