Boost for Construction Industry Will Create Jobs and Housing

Boost for Construction Industry Will Create Jobs and Housing

Chambers Ireland has called on the Government to tackle two crises at once and use Budget 2015 to give a boost to the construction sector which will support the creation of both employment and housing.

Speaking this morning, Ian Talbot, Chief Executive, Chambers Ireland said “Two of the biggest issues facing this country at the moment are lack of affordable housing and unemployment. The Government has a unique opportunity in Budget 2015 to tackle both problems at once.”

“There are many impediments to residential development within the Government’s control to amend. The 80% windfall tax on re-zoning commercial sites to residential is completely ineffective and should be abolished, with profits taxed as Capital Gains in the normal way. In addition the VAT treatment of commercial building and residential building needs to be aligned as the current system penalises investors in residential developments” he added.

Commenting on Chambers Ireland statement, Martin Doyle, President of Wexford Chamber, said “The current tax rules, introduced in different times, are stifling critical investments and don’t even raise any tax revenues. Given the stimulus effects of house construction across all sectors of the economy, these and other changes must be made while at the same time creating jobs, desperately needed housing stock and increased tax revenues.”