80% tax on land rezoning profits may be abolished

The Department of Finance is weighing up cutting or abolishing an 80% windfall tax on land rezoning profits as the Government seeks to increase the housing supply amid a price surge.

The tax may be altered in the budget, which will be laid out by Finance Minister Michael Noonan on October 14.

The tax is levied on profits flowing from the rezoning of land for residential, commercial or industrial use since October 2009.