Land and property tax 'no burden' to construction industry

Mon, 06 Apr 2015

The decision to double land and property tax is a "timing issue" that shouldn't be a major burden to the construction industry and property developers.

That was the message delivered in a tense public meeting last week to discuss the measure - which has been introduced in this years budget.

The Treasury and Economic Development Minister's came in for stinging criticism from the gathered crowd, which represented all the major players from the industries set to be affected.

Minister's Teare and Skelly heard claims that it would disincentivise people from investing in the Island now that it's "lost its competitive edge".

There were also claims it would act as a real deterrent to private investors getting involved with the Douglas Masterplan - something Minister Skelly refutes: