Social Democrats Housing spokesperson and Dublin Bay North TD, Cian O’Callaghan, is calling on the Minister for Finance to end the special tax treatment for institutional investors like Real Estate Investment Trusts (REITs).
Deputy O’Callaghan said:
“The Government must scrap the favourable tax treatment for institutional investors. A report from the industry this week highlights that there is a considerable build-up of investor liquidity.
“It is thought that in the region of €1bn will be invested in Irish property assets in the coming months. In particular, there is a demand from investors for properties that can be rented to local authorities as social housing.
“Given this build-up of liquidity, the Government’s case for treating these investors differently has vanished. The Minister for Finance must end these tax breaks in next month’s Budget. The additional tax collected as a result should be used to build public housing on public lands.”
September 3, 2020