Ireland's Society of Chartered Surveyors (SCS) has said "serious consideration" should be given to a taxation report on stamp duty.

SCS said it backed the concept of an annual property tax in lieu of stamp duty for

purchasers of principal private residences.

"It is of concern that any methodology adopted should avoid any anomalies or unfairness," the society said in a statement.

"We have in mind differences in values between urban and rural property, age and means of the occupier/owner, which will impact on affordability to pay the proposed levy."

SCS claimed the seven year moratorium proposed is inadequate and ten years should be considered as the transition period starting from the date that the stamp duty was originally paid.

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"Otherwise the more recent purchasers will be paying this proposed tax ‘on the double’," said the society.

"The SCS is of the strong belief that this tax should be used to properly fund the local authorities."

The society said it favours a lower rate of stamp duty for residential investment property than currently exists.

It would also welcome the provision of an up-to-date transaction based database for all residential property in Ireland.

SCS said it would support a "modest increase" in the rate of CGT on the windfall gain on lands, which materialize due to improved rezoning from a particular date.

"However, we consider a recurrent tax on zoned development land where such land is not being developed will lead to enormous difficulties in so far that there may be no market at the time for the land, zoned or otherwise.

"This latter proposal may force certain landowners into a sale situation, but without the

supposed required affect of ensuring development and discouraging hoarding, SCS supports the recommendation regarding the revaluation initiative," the society said in its statement.

However, SCS said in order to implement this, the Valuation Office will require "very significant additional resources".

"We are already five years into the current revaluation process and only the second Local

Authority region is now being completed," it added.

(PR/BMcc)