Finance Donohoe will be ‘guided by Revenue’ on sharp fall in Iref tax takeMinister for Finance has in recent years moved to clamp down on what he called the ‘aggressive behaviour to avoid tax’ by investors that use the Iref structure to house their assets
Property Funds Reason for dramatic fall in taxes paid by Irefs ‘yet to be identified’A review by the Revenue Commissioners into the sharp decline in taxes paid by Irish real estate funds will not be completed until late 2023
Tax Revenue opens review into decline in taxes paid by large property funds Rate paid by large property investors has fallen from 17.9 per cent in 2020 to 5.9 per cent last year
Fund investors got €12 million in tax refundsA total of €12.25 million in dividend withholding tax was returned to investors via successful Reit and Iref refund applications
Funds reaped profits of almost €3bn in their first three yearsThe property funds, described by the government in the past as ‘aggressive’ avoiders of tax, racked up operating profits of €1.16bn in 2019 alone
Central Bank says €6.5bn in Irish commercial property funds at risk due to Covid-19Forty-three Irish real estate funds could be at risk of breaching banking covenants if value of properties continues to be hit
