8 October 2019
Commercial stamp duty changes will make Ireland less competitive- Irish Institutional Property
Irish Institutional Property (IIP), the voice of institutionally financed investors and real estate providers with significant local and international backing in the Irish real estate market, has said measures announced in Budget 2020, while helping first time buyers, will work against attracting investment into Ireland in our important commercial real estate sector.
Commenting today IIP Chief Executive Pat Farrell said;
“While the extension of the Help to Buy Scheme measures are welcome, the increase in the rate of stamp duty on commercial property – the second since 2017- is disappointing and will work against the Government’s stated desire to sustain our competitive positioning as a location capable of maintaining the flow of institutional capital investment necessary to deliver critical real estate. We await the details of proposals around changes to the tax regime for REITs, while reconfirming that IIP members are committed to ensuring the highest standards of corporate governance, including compliance with relevant regulatory regimes”.
Opinion article by Pat Farrell, CEO of IIP