Institute claims proposed tax is one of few ways policymakers could reduce cost of housing
The ESRI’s Kieran McQuinn warned that with the economy running at close to capacity, budgetary resources must be used to tackle infrastructural deficits 'and issues that are impeding the overall productive capacity of the economy'. Photograph: Mark Stedman/Stedman Photography
The proposed 3 per cent tax, which is due to kick in next year, is set to be charged on land that is zoned for residential use in a bid to clampdown on land hoarding. “By addressing possible land hoarding, the price of land can be targeted, thereby potentially reducing a cost of production which, typically, accounts for approximately 15 to 20 per cent of the cost of a residential unit,” the ESRI said.
“We also need to be disciplined in other areas of fiscal policy so as we don’t overheat the economy and don’t add to price pressures that are there,” he said.
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