Monday 18 December 2017

Comment: Investment firm's tax bill cuts to the heart of the skewed Irish recovery

Ireland's investor friendly regime is out of kilter with the norm
Ireland's investor friendly regime is out of kilter with the norm
Donal O'Donovan

Donal O'Donovan

In today's Ireland accidental landlords are taxed through the nose if they let out their boom era 'starter home' in order to rent a family sized property, but owners of entire apartment-blocks pay nothing.

The contrasts between the tax being paid by investor Kennedy Wilson in Ireland, Spain and the UK for income from similar assets is a stark illustration of how skewed the Irish tax system has become in favour of globe-trotting, value-hunting multinationals.

The zero tax rate that applies to income on €1bn of Irish assets owned by property firm Kennedy Wilson Europe Real Estate (KWERE) is definitive proof the system here stinks.

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