THE CABINET had a detailed discussion yesterday about the Commission on Taxation report which has recommended sweeping changes in the tax system, including the introduction of a property tax.
The report will be published on Monday on the website of the Department of Finance.
The commission, chaired by former head of the Revenue Commissioners Frank Daly, was established in February 2008 to review the structure of the taxation system while not increasing the overall burden of taxation.
Most of the focus on the commission’s report has been on its proposal for a property tax but the detail of the measure will not be clear until the report is published on Monday.
Significant reductions in stamp duty, which will go hand in hand with a property tax, are also recommended in the report, which also proposes the introduction of water charges and a carbon tax.
The Government is not committed to implementing the commission’s report in full but it is expected to adopt significant elements of it in the effort to broaden the tax base.
The report comes to over 600 pages and contains detailed proposals and options for the Government to consider.
At their meeting yesterday Ministers also discussed the proposed cutbacks in the McCarthy report and the draft Nama legislation.
A number of changes in the draft legislation are being considered by Attorney General Paul Gallagher and the Cabinet may meet again tomorrow to discuss them.
Minister for Finance Brian Lenihan is due to unveil the legislation in the Dáil on September 16th but he has indicated a willingness to give careful consideration to amendments from the Opposition parties during the committee stage of the debate.
