A Roscommon auctioneer says the government’s decision to raise the rate of stamp duty on commercial property transactions is a surprising and very negative step for towns in rural Ireland.
The government has said they expect the increase from 6 to 7.5 per cent in stamp duty to generate upwards of €140 million euro in a full year.
It’s the second time in the past three budgets that the stamp duty on commercial real estate has been raised.
John Earley from Property Partners Earley Limited in Roscommon says the local markets are still in need of incentives rather than negatives like this latest increase.
He says the move is going to make it harder for people to invest and to create jobs and he says the government won’t get their expected return simply because less people will be buying property: