Minister of Finance, Paschal Donohoe, delivered his 3rd budget today, 8th October.
- Irish Real Estate Funds (IREFs):
- an introduction of limitations on interest expenses to prevent over-leveraging
- measure to combat the artificial avoidance of gains on redemption of IREF units
- Real Estate Investment Trusts (REITs):
- The distributions of proceeds from the disposal of rental properties will be subject to dividend withholding tax
- Deemed disposal and re-basing of property values when a company ceases to be an REIT will only apply when the REIT has been in operation for at least 15 years.
- He announced reforms to the transfer pricing provisions to ensure that they are in line with OECD standards which will apply from 1 January 2020.
A PDF version of the Republic of Ireland Budget 2020 - Summary of Facts is available to download.
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