Dáil Éireann Debate, Friday - 16 September 2016
315. Deputy John McGuinness asked the Minister for Finance the tax obligations relative to vulture fund companies buying investments and property here; if there are approved tax schemes in place which benefit such companies and funds; and if he will make a statement on the matter. [25975/16]
Amharc ar fhreagraWhile the term vulture fund is not recognised in the Taxes Acts, a small number of structures which may have been put in place for tax avoidance purposes have come to the attention of the of Revenue. Because of the small number of structures under review, Revenue are precluded, by taxpayer confidentiality, from providing any specific details.
Following the review undertaken by Revenue and recent media coverage on this topic I recently published a proposed amendment to section 110 of the Taxes Consolidation Act 1997. This amendment, which was published on 6 September on my Department's website, aims to address any misuse of the current section 110 regime in relation to Irish property.
Further amendments may be brought forward for my consideration as part of the Finance Bill to address other structures which are identified by Revenue or otherwise and which have the potential for misuse of the current legislation.
