asked the Minister for Finance whether British Dominion and Colonial securities held by Irish Charities are at present exempt from the Income Tax, if any, of the respective Dominion or Colony of registration; and, if so, whether this exemption will lapse after 31st March, 1924?
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - INCOME TAX ON FOREIGN SECURITIES. POSITION OF IRISH CHARITIES.
I have no information as to the laws in operation in the Overseas Dominions with regard to the exemption of charitable bodies from Income Tax, and an answer to the Deputy's question would involve an exhaustive study of the Income Tax codes of such Dominions.
Will the Minister make enquiries into the matter?
I will make enquiries, but I cannot pretend to get an authoritative answer.
Are there not charities in this country that have investments in Colonial Securities?
I presume so.
Would it not be quite simple to obtain this information from our High Commissioner in London?
It would.
asked the Minister for Finance whether British 5 per Cent. War Loan held by Irish Charities will be assessed for Income Tax in the Irish Free State after March 31st, 1924?
A Saorstát charity is entitled to exemption from Saorstát Income Tax in respect of income derived from British 5 per Cent. War Loan Stock subject to the conditions and limitations governing the exemption of charitable bodies as provided by the Income Tax Acts.
I understand the question to be, will that exemption still prevail after the close of the present financial year?
That was not asked in the question. Of course it will prevail.