Labour Party Leader Brendan Howlin has hit out at the Tánaiste Simon Coveney after he wouldn't confirm or deny plans to bring in special tax cuts for developers.

Deputy Howlin said Labour would oppose the Capital Gains tax break, which would see developers charged less than half of the regular amount of tax due on sales or development of vacant property.

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"The only way to end land hoarding and speculation is to introduce taxes and duties on property owners," he said.

"Those measures would drive economic activity, entrepreneurialism and risk-taking. All over Europe, social democratic market economies place stringent requirements on property owners to maintain and develop their properties.

"Put simply, owners of vacant property should use it or lose it."

(LM/MH)