News Irish News

Sunday 16 June 2019

Developers face taxman probe after NAMA tip-off

Michael Brennan and Maeve Dineen

THE Revenue Commissioners are investigating the tax affairs of dozens of property developers after being tipped off by NAMA about possible evasion.

The so-called 'bad bank' is working with around 800 developers as it attempts to return money to the taxpayer. It is legally obliged to inform Revenue if it uncovers any evidence of tax laws being broken.

NAMA confirmed to the Irish Independent that it had alerted the Revenue Commissioners to potential tax breaches involving dozens of property developers on its books.

The Revenue said it was now carrying out an investigation. The probe has been described as a "fruitful" exercise.

It is understood the investigation will focus on the company structures used by some of the developers, their off-shore businesses and the transfer of lands to spouses or children.

Some of these structures and practices may have been used to evade tax.

Irish Independent

Editor's Choice

Also in Irish News