Pearse Doherty
Ceist:139. Deputy Pearse Doherty asked the Minister for Finance if he will address a matter (details supplied) with regard to a share merger; and if he will make a statement on the matter. [22714/17]
Amharc ar fhreagraTuesday, 16 May 2017
Ceisteanna (139)
Freagraí scríofa
I am not in a position to discuss the structure or tax affairs of individual companies.
In the 2016 Finance Act I introduced the Irish Real Estate Fund (IREF). IREFs are investment undertakings (excluding UCITS) where 25% of the value of that undertaking is made up of Irish real estate assets.
IREFs must deduct a 20% withholding tax on certain property distributions to non-resident investors. The withholding tax will not apply to certain categories of investors such as pension funds, life assurance companies and other collective investment undertakings.
The legislation was introduced to address concerns in both the media and in the Dáil regarding the use of collective investment vehicles by international investors to invest in Irish property. International investors had been using the structures to minimise their exposure to Irish tax on Irish property transactions. The targeted measures introduced in the Finance Act addressed these concerns and have ensured the protection of the Irish tax base.