Ireland goes out of the crisis through a new real estate tax

Ireland goes out of the crisis through a new real estate tax

Irish authorities have announced a list of measures to reduce expenses and replenish treasury budget. The list of innovations included a new tax on the country's property.

Over the past few years in Ireland were taken certain actions to tighten the country's economy. And despite a number of peaceful protests, the government continues its policy, which aims to reduce the budget deficit and pay with the international lenders who helped Ireland in a difficult 2010.

The new tax will not apply to primary and previously non-residential property purchased in the interval from January 2013 to December 2016. In particular from the tax will be exempted persons, who in 2013 will buy their first house. In other cases, local tax will amount to 0,25% of property value. The law comes into force in July 2013.

From the words of Michael Noonan, Ireland's finance minister: «There are clear signs that the country emerges from the economic crisis. The first time in six years there are improvements on the real estate market of the country».