Ireland:
The Perils Of IREF Legislation
21 July 2017
Maples Group
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In 2016, Ireland introduced a new withholding tax on
distributions from Irish regulated funds which invest in Irish real
estate (IREFs). The tax is calculated based on a formula set out in
section 739L of the Taxes Consolidation Act 1997. The legislation
introducing the changes describes the formula as (A x (B/C) - D).
Unfortunately, in at least one legislative textbook, the formula is
reprinted as (A x ((B-D)/C). This produces a different (and larger)
tax liability. Perhaps it is a valuable illustration that in law,
sometimes you need to go to the source, in order to find the
truth.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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