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CIF comes out against Stamp Duty

From, the Construction Industry Federation have called for Stamp Duty to be temporarily abolished and replaced with a different tax later:
Abolishing stamp duty in the upcoming Budget could throw a life-line to the property market, builders said today.

The Construction Industry Federation (CIF) urged a temporary scrapping of the tax to help kick-start residential and commercial sales again.

Tom Parlon, the CIF’s director general, said the levy made no sense at a time when there was little or no activity in the property market.

“Persisting with a high transaction tax when there are no transactions makes no sense, either from the economy’s or the Exchequer’s perspective,” he said.

“Introducing a 0% stamp duty rate may encourage more interest in commercial and residential property transactions and therefore generate additional incomes for the state.”

Mr Parlon said stamp duty should then be ultimately phased out and replaced by an alternative, more reliable and fair tax.

They don’t mention what sort of tax they see as ‘more reliable and fair’. The suggestion is part of their pre-Budget Submission, but it’s not available on their website.

Posted in Site Value Tax.