Dáil Éireann Debate, Tuesday - 25 July 2023
330. Deputy Cian O'Callaghan asked the Minister for Finance if he will provide an update on the Revenue Commissioners' review into the decline in taxes paid by Irish real estate funds; and if he will make a statement on the matter. [37050/23]
View answerI am advised by Revenue that the review referred to is on-going. The analysis involves detailed examination, evaluation and comparison of tax returns and financial statements for a number of years. The work is complex, and the review has encompassed an assessment of a range of risk factors by way of compliance interventions involving individual taxpayers/businesses. Given the complexity of the work involved, it is anticipated that the review, encompassing the different facets outlined, will continue until at least the end of 2023.
It may be of interest to the Deputy that, on 22 June 2023, I published a public consultation document as part of a review of Ireland’s funds sector, entitled “Funds Sector 2030: A Framework for Open, Resilient & Developing Markets”. This review will look at a range of issues, which are set out in the published Terms of Reference, including examining the tax regimes (i.e. both the IREF WHT regime and the associated income tax anti-avoidance regime) applying to IREFs.
The public consultation period will run until 15 September 2023. Further information is available on my Department's website at the following link: gov.ie/en/consultation/2a28f-public-consultation-funds-sector-2030-a-framework-for-open-resilient-developing-markets/
