The REITs cuckoo funds have been slammed by Sinn Féin finance spokesman, Pearse Doherty, after he learnt that only €12.8million was collected on their hundreds of millions in profits last year.
There are numerous tax loopholes the foreign funds can avail of here facilitated by the Fine Gael-led government that minimised their total tax contribution to just €12.8million last year. “In reality, REITs are only taxed when dividends from the profits of these rents are distributed to shareholders.
Mr Doherty added: “In the midst of a severe housing shortage and at a time of historically high rents, it is simply inexcusable that the government continues to offer such lucrative tax incentives to property investors who drive up prices and squeeze families out of the rental market.Our Irish Mirror Sports page - which brings you all your Irish and UK sports news - can be found here.The Irish Mirror Twitter account is @IrishMirror while our sports account is @MirrorSportIE.
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