The Revenue Commissioners have issued an eBrief No. 12/2007 which gives an update on the current status of the VAT on property consultation, together with eBrief No.15/2007 which provides details on the legislative changes that would be necessary to make to the VAT Act.

In summary, eBrief No.12/2007 advises that the Revenue have published the report ‘Economic Assessment of the Effect of Proposed Changes to VAT on Property’ on the Revenue website. This report has been produced by Goodbody Economic Consultants for the Property Review Project.

A copy of eBrief No. 12/2007 is reproduced at Section 2.07. The report is available at http://www.revenue.ie

eBrief No. 15/2007 advised of the publication of the pro forma legislative text and is reproduced at Section 2.08. A copy of the pro forma text is available at http://www.revenue.ie and a copy of the notes for guidance on the pro forma text is available at http://www.revenue.ie.

It is interesting to note the caveat at the end of eBrief No. 15/2007 that “the publication of this work does not commit the Minister for Finance in relation to future proposals, if any, for legislation that he may decide, following consideration by the Government, to present to the Houses of the Oireachtas in this area.”