Property tax freeze a ‘lost opportunity’ to broaden base

Finance Minister Michael Noonan’s decision to freeze local property tax rates until 2019 has been slammed by the European Commission as a “lost opportunity” to broaden the tax base.

In its latest assessment of Ireland, the commission said because of increased house prices since 2013 when valuations were set, the State is essentially forgoing a major tax windfall.

Following from his short hospitalisation, Mr Noonan last night bowed to pressure from the Independent Alliance and will now appear before the Public Accounts Committee over Nama’s controversial sale of its Northern Ireland loan book.