Ireland could see the balance of its taxation system reshuffled, creating new taxes and diminishing those already established.

Ireland may soon see a restructuring of its taxation system, if suggestions by Ireland’s Commission on Taxation to the Government are accepted. The Commission, which was created in 2008 to examine Ireland’s taxation structure, is expected to release a report by the 28th of August with its recommended taxation changes.

The report will feature 250 recommendations to the Irish government. Key changes within the report include the introduction of new taxes under the proviso that they are accompanied by reduction or complete removal of other taxes, leaving the final taxation liability of a household the same as it was before.

The Commission on Taxation is expected to recommend the introduction of a property tax, which will be self-assessed until such a point when all properties are able to be officially valued. It is estimated that the average property will garner a €1,000 tax burden annually. Carbon Tax and Water charges will also be seen amongst the recommendations. The intention of the Commission on Taxation is to have these introduced taxes fund cuts in personal taxes. Measures for the easing of tax burdens on low income households have already been inserted into the Commission’s recommendations.