“Viability” euphemism for “super-profitability” as builder tax breaks cost workers over half billion Euro
Trade union Unite, which represents construction workers throughout Ireland, today (Friday) said that the goodie-bag of VAT cuts and corporation tax sweeteners for big builders unveiled in Tuesday’s Budget will see profits-per-apartment top €70,000.
Last year, the Total Development Costs report published by the Department of Housing, Local Government and Heritage estimated the profit on a completed urban two-bed apartment at over €48,000. The Budget VAT cut alone would swell that profit by nearly €20,000. Other corporation tax measures will further boost builders’ bottom lines.
The CEO of Cairn Homes has stated that the Budget measures, coupled with the reduction in minimum apartment standards announced in the summer, will probably be worth between €70,000 and €80,000 per apartment.
While not all developments will attract all the Budget tax breaks, even the most conservative estimate will see profit-per-apartment top €70,000.
Unite’s Irish secretary Susan Fitzgerald said:
Continue reading














