The exchequer lost almost €70 million last year as a result of lucrative tax breaks on foreign property investments, which allow landlords to write off mortgage costs against their rental income.
Finance minister Michael Noonan said the tax cost from foreign property write-off was €69 million in 2010, which was the last year available from the Revenue Commissioners. The relief applied to 13,522 landlords.
However, no information was available from Revenue about where the properties were located.
Subscribe from just €1 for the first month!
All Digital Access + eReader
Unlimited Access for 1 Month
Then €19.99 a month after the offer period.
€149 For the 1st Year
Unlimited Access for 1 Year
90 Day Pass
Unlimited Access for 2 Years
Get a Business Account for you and your team