F5[16. (1) The amount of the vacant site levy shall—

(a) in respect of the year 2018, be such amount as is equal to 3 per cent of the market value of the vacant site determined in accordance with section 12, and

(b) in respect of the year 2019 and every subsequent year thereafter, be such amount as is equal to—

(i) 7 per cent, or

(ii) such other percentage (not exceeding 7 per cent) as may stand prescribed, for the time being, by regulations,

of the market value of the vacant site determined in accordance with section 12.

(2) The Minister shall, in prescribing a percentage for the purpose of subparagraph (ii) of paragraph (b) of subsection (1), have regard to changes in the value of property and the Residential Property Price Index published by the Central Statistics Office.

(3) Where regulations under subparagraph (ii) of paragraph (b) of subsection (1) are proposed to be made, a draft of the regulations shall be laid before each House of the Oireachtas not later than 3 months before the beginning of the year in which it is proposed that the regulations shall come into operation, and the regulations shall not be made unless a resolution approving the draft is passed by each such House.]