Stamp duty hike ‘needed’ to avoid income tax rise

The trebling of commercial stamp duty to help foot the budget was necessary or personal taxes instead would be hiked up in future crises, Finance Minister Paschal Donohoe has warned.

The fallout over the key revenue raiser for the budget — projected to raise some €376m — continues amid concerns billions of euro in commercial building deals will be needed next year to collect the amounts.

Revenue said the estimated tax gain was based on projections, previous tax receipts taken in, and a special model to assess the increase while the Department of Finance gave some details of where the amounts would come from.