Pearse Doherty TD welcomes stamps duty anti avoidance proposals
Sinn Féin Finance Spokesperson Pearse Doherty had welcomed Stamp Duty anti-avoidance proposals made by the Minister for Finance before the Committee Stage of the Seanad’s scrutiny of the Finance Bill.
Deputy Doherty had previously raised serious concerns with Minister Donohoe after reports that tax avoidance schemes were expected to reappear for stamp duty after the government increased the rate on commercial property to 6%.
Deputy Doherty said;
"I welcome the fact that the Minister has introduced amendments during the Seanad Stage of the Finance Bill to deal with potential stamp duty avoidance, including involving the use of corporate structures to reduce the amount of stamp duty payable on commercial property transactions, which would have reduced the expected yield from this measure.
"I raised the need for strong and robust anti-avoidance measures during the Dáil debate on this measure.
"This legislative change doesn’t remove the need for vigilance to the danger of avoidance schemes appearing but it is a strong move to be welcomed.
"It is not ideal for the Minister to be introducing substantive anti-abuse measures so late in the day, however in this case it is better late than never.
"Sinn Féin still have serious concerns with regards to the Minister’s forecasts for the expected yield from this measure, which seem over optimistic. There is a danger that the revenue forecast will not be realised.”