Pearse Doherty
Ceist:173. Deputy Pearse Doherty asked the Minister for Finance the amount of Irish Real Estate Fund dividend withholding tax collected in 2017; and the amount collected to date in 2018. [44721/18]
Amharc ar fhreagraTuesday, 6 November 2018
Ceisteanna (173)
Freagraí scríofa
The Irish Real Estate Fund (IREF) regime was introduced by Finance Act 2016 and is effective for accounting periods starting on or after 1 January 2017. Under the regime, a fund is classified as an IREF if it derives 25% or more of its value from Irish land and buildings.
While the IREF regime came into force for accounting periods commencing on or after 1 January 2017, the first payment dates under the regime were in 2018, therefore no tax was collected in 2017.
I am advised by Revenue that the amount of IREF withholding tax collected to date in 2018 is €9m. It should be noted that this reflects returns for only part of the year 2017 as an IREF is required to file a return and pay the withholding tax each year:
i. in January for accounting periods ending on or before the previous 30 June, and
ii. in July, for accounting periods ending between the previous 1 July and 31 December.
Returns were due in July 2018 for IREFs with accounting periods beginning on/after 1 January 2017 and ending on/before 31 December 2018, therefore only funds with an annual accounting year-end of 31-December have to date been obliged to file a return and pay the IREF withholding tax.
Where a fund had an accounting period that ended in the first half of 2018, the return and payment date for IREF withholding tax is 31 January 2019.