Jim O'Callaghan
Ceist:125. Deputy Jim O'Callaghan asked the Minister for Finance the estimated revenue from the residential zoned land tax per annum. [40266/24]
Amharc ar fhreagraTuesday, 8 October 2024
Ceisteanna (125)
Freagraí scríofa
The Residential Zoned Land Tax (RZLT) is a new tax introduced in Finance Act 2021 which seeks to increase housing supply by encouraging the activation of development on lands which are suitably zoned and appropriately serviced. It aims to bring those lands which have benefitted from investment in services and are capable of being developed forward for housing, rather than to raise revenue.
The tax measure is a key pillar of the Government’s response to address the urgent need to increase housing supply in suitable locations. However, it is important that affected landowners have sufficient opportunity to engage with the mapping process and that a fair and transparent process is applied when local authorities consider what land should be placed on the RZLT maps. Therefore, as part of Budget 2024, it was decided to extend the initial liability date of the tax by one year, from February 2024 to February 2025.
The purpose of this deferral was to allow for the annual mapping cycle to complete and afford landowners another opportunity to make submissions if their land is included on the maps prepared by local authorities.
In relation to the Deputy's question regarding the estimated revenue from the residential zoned land tax per annum, it is not possible to estimate a projected revenue at this time.
Revised final maps will be published by the local authorities on 31 January 2025. Once landowners register for the liability in May 2025, I will be in a better position to provide an estimate of the projected revenue from the RZLT per annum.