Developers who undervalue vacant land face 30% penalty under new Revenue plan

The move will mean the vacant site tax bill on land worth €10 million would rise from €300,000 to €390,000 if the value of it was found to have been severely underestimated.

Paschal Donohoe, Minister for Finance, is introducing legislation in the Dáil this week to impose a 30 per cent penalty on developers who significantly undervalue their land. Picture: Fergal Phillips