Firms want property tax to replace rates

A NEW property tax should be brought in to stop local authorities bleeding businesses for funding, the Chambers of Commerce of Ireland (CCI) said yesterday.

CCI chief executive John Dunne said current arrangements for financing city and county councils were unfair and left the business community to fill the gap left by a shortfall in central funding from the Government.

Businesses were now paying €2bn per year to local authorities in the form of rates and water and waste charges, which was almost four times the amount paid in 1999.