Written answers

Tuesday, 29 May 2018

Department of Finance

Irish Real Estate Fund

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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169. To ask the Minister for Finance the net receipts from dividend wildholding tax from the IREF regime in 2017 and to April 2018. [23207/18]

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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170. To ask the Minister for Finance the net receipts from dividend withholding tax from the REIT regime in 2017 and to April 2018. [23208/18]

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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171. To ask the Minister for Finance the estimated value of Irish real estate owned by REITs, IREFs and pension funds. [23209/18]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 169 to 171, inclusive, together.

In relation to 23207/18, the Irish Real Estate Fund (IREF) regime was introduced by Finance Act 2016 and takes effect for accounting periods commencing on or after 1 January 2017. I am advised by Revenue that where a fund has an accounting period that ended in the second half of 2017, the return and payment date for IREF withholding tax deducted is 31 July 2018. Once those returns have been filed and analysed Revenue will be in a position to provide detail on net receipts from dividend withholding tax from IREFs.

The Deputy may note that the research paper on Corporation Tax published by Revenue in April includes a detailed discussion of the timing of returns in the Appendix, available at: .

In relation to Question 23208/18, I am advised by Revenue that net dividend withholding tax amounting to €11.8m in 2017 and €5.9m in 2018 (to April) was collected in respect of dividends paid by REITs.

In relation to 23209/18, I am advised by Revenue that REITs are required to file financial statements, which include the value of their Irish real estate. However, due to the obligation on Revenue to protect the confidentiality of taxpayer information, and the small number of taxpayers involved, the requested information cannot be provided.

I am further advised by Revenue that it is not possible to identify the value of Irish real estate held by pension funds from the information filed (with Revenue). In relation to IREFs, I am advised by Revenue that the returns due in July will include details on the value of real estate held (by IREFs), broken down into certain categories (e.g. residential, commercial, etc.).  Once those returns have been filed and analysed, Revenue will be in a position to provide more detail on the value of Irish real estate owned by IREFs, subject to the normal confidentiality constraints.  

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