Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

176. To ask the Minister for Finance further to his previous assertion that the estimated cost attached to the real estate investment trust scheme relates not to an exemption from tax but rather to a move from direct taxation of rental income in the hands of investors to the taxation of dividends distributed to investors from profits arising from that rental income under this scheme, the income receipts at fund level under the scheme and the corresponding level and amount of taxation of this income in the hands of investors since its introduction by year in tabular form. [9453/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am informed by the Revenue Commissioners that there are currently three Real Estate Investment Trusts ("REITs") established and operating in Ireland.

Income of the fund

I am on record stating that REITs are publically listed companies, meaning their Financial Statements are publically available but the specific figures required to calculate their rental profit (the portion of profit that is exempt) is not necessarily available in these public documents.  Due to taxpayer confidentiality, information such as the level of income that is received at fund level is not available from the Revenue Commissioners, therefore, I am unable to comment on these specific details.

Income of the individuals

The Revenue Commissioners have confirmed that their records indicate that no REIT made a distribution prior to 2015.  Distributions were made by the REITs in 2015 however the information on the 2015 income tax returns of individuals is not yet available.

Furthermore, as distributions from REITs forms part of an Irish resident individual's total income, unlike interest subject to DIRT for example, it would not be possible to comment in a general way on the level of taxation which would arise from that income.  Each individual will pay income tax at their marginal rate.

Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

177. To ask the Minister for Finance the amount of dividend withholding tax that has subsequently been refunded to persons and companies in accordance with the relevant double taxation agreements and through other reclaim forms in respect of dividend payments under the real estate investment trust scheme by year in tabular form. [9454/16]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am informed by the Revenue Commissioners that the dividend withholding tax refunded in respect of dividend payments made by Real Estate Investment Trusts is as follows: