Tax Archives - LSL Auctions News

Vacant homes to face a new tax in upcoming budget

Minister Paschal Donohoe has indicated that vacant homes will face a new tax in the next budget. This comes as new figures show that just over 57,000, or 3%, of habitable properties eligible to pay the LPT are vacant. The Finance Minister said that the purpose of the tax was to maximise the use of existing homes, and not to raise revenue. He intimated that that there would be exemptions…

Tax wedge for average single worker increases fractionally

The latest Taxing Wages report from the OECD shows that the tax wedge for the average single worker in Ireland increased by 0.3 percentage points from 33.7% in 2020 to 34.0% in 2021. In 2021, Ireland had the 24th lowest tax wedge among the 38 OECD member countries, occupying the same position in 2020. The tax wedge is a measure of the tax on labour income, which includes the tax…

ICMSA raises concerns about farmland ownership

Irish Creamery Milk Suppliers Association (ICMSA) president Pat McCormack says farmland ownership should not be used as a tax shelter. This comes after former attorney general and tánaiste Michael McDowell said that the “super-wealthy” were building portfolios of tens of thousands of acres of agricultural land “simply as long-term stores of value”. According to McDowell, the phenomenon appears to be “reversing” what was a key national aim and social policy…