28 October 2016 New tax regime proposed for Irish Real Estate Funds The Irish Government announced in September 2016 that they were consulting on how best to protect the Irish tax base. The Irish Government is aware of the importance of international investment for the economy and sought to find the least impactful way to protect the tax base in respect of Irish real estate assets. With the publication of the Finance Bill 2016 comes the proposed introduction of a new fund category called an Irish Real Estate Fund (IREF) and a new 20% withholding tax imposed on distributions, either as a dividend from or a gain on redemption of the investment, which relate to IREF profits. A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-1830 |
