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.
The Revenue Commissioners are to impose a 30 per cent penalty on developers who significantly undervalue their land for the forthcoming vacant site tax.
The 3 per cent annual tax will apply to around 8,000 hectares of land which are zoned and serviced for housing, in an attempt to tackle the problem of land hoarding.
Developers will have to self-assess the market value of their land and send in an annual update to the Revenue.
