Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I welcome the report and I understand the collation of data. I brought this point up in the Chamber last year. I have the accounts here for the different REITs; they are all published. We went through this with accountants. The funds are paying an effective tax rate of 1.8% because of the structure they are operating under. It is not acceptable, and it is not good that we have created a tax efficient structure that is allowed to compete with Tom and Mary, who are trying to set out on their own life, trying to buy a house in Dublin, queueing up to view houses, but a structure can swoop in and outbid them because it can rent it out and will only be paying an effective tax rate of 1.8% because of the structure of the company. That is not right. Others have called for a complete ban on these structures in the market at this point in time.

I am glad that the Minister is going to be looking at the property prices and the supply of residential properties in the State, but a lot of damage has been done and a lot more can be done between now and the end of the year in terms of these funds in competing with a very scarce amount of properties out there. One of these funds is the biggest landlord in the State and also charges the highest rents in the State.