Noonan's Finance Bill Means Commercial Landlords will pay no taxes

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Not long after Noonan being embroiled in a vulture fund NAMA property sell off scandal up north and Just as many around the country have recently received their property family home tax letters, we see this:

Stephen Donnelly, Independent TD for Wicklow and East Carlow has raised serious concerns that changes announced in this month’s Finance Bill will lead to large domestic and foreign commercial landlords operating completely tax free in Ireland.

This would lead to higher rents for families and businesses, bigger mortgages, less public money for investment in services & infrastructure and an even bigger commercial property bubble in Dublin.

It would also lead to a two-tier system in which normal Irish businesses would be paying full taxes, alongside huge foreign funds acting as landlords and paying no taxes on their profits.

Speaking today, Deputy Donnelly commented:

‘Businesses all over Dublin are coming under enormous pressure because of the spiralling costs of rent. Dublin now has the second highest commercial rents in the eurozone. In fact, in all of Europe, the only cities that now have higher rents than Dublin are London, Geneva, Paris and Zurich. And not only are rents high, they’re rising rapidly. In the last 2– 3 years alone they’ve nearly doubled.

‘One of the reasons for this is tax breaks. In the last Dáil, the government created two tax deferral mechanisms for property investors – known as REITs and ICAVs. This has led to big foreign landlords pouring money into the country, to buy up commercial and residential property.

‘We were told that these generous tax breaks were going to be shut down in the Finance Bill. Minister Noonan stated clearly that profits generated from economic activity in Ireland would be taxed properly. Not only has the Finance Bill not done this, it has instead created new tax rules that make commercial property investment in Ireland completely tax free. No other European country does this.

‘The government is choosing to make commercial property completely tax free for landlords, in the middle of an already growing property bubble. I am calling on Minister Noonan to ensure that the bill as it is currently written is not enacted, and to ensure that commercial property is taxed in line with other businesses in Ireland.’
Related Link: http://stephendonnelly.ie/finance-bill-means-commercial...free/
 


mossyman

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Good OP and fair play to Stephen Donnelly for highlighting this issue.
 

Sister Mercedes

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Our tax rates are too high. Instead of introducing 'schemes' the Govt should be reducing high tax rates .
 

Boy M5

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I agree with the above entirely.


Noonan is unmitigated disaster. He has been for decades.
The man is not bright, a bully & stubborn.
All in a tubby little bundle.

I note the Grace case appears on the front papers again today.
Contrast how Noonan behaved to this poor girl & the handout he's given to the woman who controls Clery's.
 

ShoutingIsLeadership

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"We'd like to pay young public servants more money, but we just don't have the resources.".
 

toughbutfair

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I agree with the above entirely.


Noonan is unmitigated disaster. He has been for decades.
The man is not bright, a bully & stubborn.
All in a tubby little bundle.

I note the Grace case appears on the front papers again today.
Contrast how Noonan behaved to this poor girl & the handout he's given to the woman who controls Clery's.
The economy has improved dramatically while he's been in charge. Do you acknowledge that ?

I disagree with his desire to get foreign investors into our property market , would scrap REITS and ICAVs
 

captain obvious

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We have a history of absentee landlords screwing the locals with the willing help of local elites living off their scraps, why break with tradition ?
 

greengoose2

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The economy has improved dramatically while he's been in charge. Do you acknowledge that ?

I disagree with his desire to get foreign investors into our property market , would scrap REITS and ICAVs
Not really! When the tide is full it goes out. When it's at it's lowest it comes back in again. Economies are like the tides.

Speaking of which: “You never know who's swimming naked until the tide goes out.”
 

Sister Mercedes

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In fact, in all of Europe, the only cities that now have higher rents than Dublin are London, Geneva, Paris and Zurich.
Money that could be used to hire people, to buy Irish products, to invest in products and services etc is instead being sucked up in rents, cheered on by a political, professional and PS class who think they live in Monaco.
 

Prester Jim

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It has been obvious for a very long time that the habitual govts of Ireland create tax loopholes to allow the very rich to avoid tax legally, it happens everywhere in the world unfortunately and it is one of about 3 major issues that have to be tackled by the voters, we allow this bullsh1t by voting the con-men in again and again.
1. Everyone should pay tax and people born with large amounts of money should pay tax on their income from that money, however they attain it, at the same rate as people who work for a living.
2. We need a global tax regime, no loopholes, no tax havens, no trust funds and no non-residency status allowed.
3. Ban all political donations from anyone or any entity, govt funding only and a fairer system to divvy it out that doesn't favour the established party over the newcomer.
4. A global monopoly and cartel watchdog with teeth and global laws that allow punishment.
5. New laws that make corporations pay defined benefit pensions, they could do it in the past but they took them away to fund massive pay increases and bonuses for top executives and stockholders.
6. Ban shortselling and all other potentially damaging financial speculation, investigate any hedge fund that earns greater profit than that statistically proven to be possible through just means. Goldman Sachs and the rest are vast criminal enterprises and their crime has lots of victims, entire nations and more.
 

gerhard dengler

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Not long after Noonan being embroiled in a vulture fund NAMA property sell off scandal up north and Just as many around the country have recently received their property family home tax letters, we see this:

Stephen Donnelly, Independent TD for Wicklow and East Carlow has raised serious concerns that changes announced in this month’s Finance Bill will lead to large domestic and foreign commercial landlords operating completely tax free in Ireland.

This would lead to higher rents for families and businesses, bigger mortgages, less public money for investment in services & infrastructure and an even bigger commercial property bubble in Dublin.

It would also lead to a two-tier system in which normal Irish businesses would be paying full taxes, alongside huge foreign funds acting as landlords and paying no taxes on their profits.

Speaking today, Deputy Donnelly commented:

‘Businesses all over Dublin are coming under enormous pressure because of the spiralling costs of rent. Dublin now has the second highest commercial rents in the eurozone. In fact, in all of Europe, the only cities that now have higher rents than Dublin are London, Geneva, Paris and Zurich. And not only are rents high, they’re rising rapidly. In the last 2– 3 years alone they’ve nearly doubled.

‘One of the reasons for this is tax breaks. In the last Dáil, the government created two tax deferral mechanisms for property investors – known as REITs and ICAVs. This has led to big foreign landlords pouring money into the country, to buy up commercial and residential property.

‘We were told that these generous tax breaks were going to be shut down in the Finance Bill. Minister Noonan stated clearly that profits generated from economic activity in Ireland would be taxed properly. Not only has the Finance Bill not done this, it has instead created new tax rules that make commercial property investment in Ireland completely tax free. No other European country does this.

‘The government is choosing to make commercial property completely tax free for landlords, in the middle of an already growing property bubble. I am calling on Minister Noonan to ensure that the bill as it is currently written is not enacted, and to ensure that commercial property is taxed in line with other businesses in Ireland.’
Related Link: http://stephendonnelly.ie/finance-bill-means-commercial...free/
Excellent OP.

Stephen Donnelly is doing the country some service by pointing this anomaly out. Of course it is not an anomaly because Noonan and the permanent government are beholden to vulture funds who are literally screwing the Irish citizen.

There is an cost with allowing these tax breaks. It means that more tax has to be generated elsewhere to recoup the tax foregone.

Why is this government doing this?
And why are FF and the Independents staying schtum on this?

Contact your local TD, folks.
 
Last edited:

Mr Aphorisms

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crimesofbrits
Excellent OP.

Stephen Donnelly is doing the country some service by pointing this anomaly out. Of course it is not an anomaly because Noonan and the permanent government are beholden to vulture funds who are literally screwing the Irish citizen.

There is an cost with allowing these tax breaks. It means that more tax has to be generated elsewhere to recoup the tax foregone.

Why is this government doing this?
And why aren't FF and the Independents staying schtum on this?

Contact your local TD, folks.
Read Conor McCabe's book Sins of the Father. It explains everything you need to know about the cosy relationship between the Free State and the Irish landlord class.

Once again in Ireland, we see state protection for the rich and free markets rammed down the throat of the working class.
 

ShoutingIsLeadership

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Excellent OP.

Stephen Donnelly is doing the country some service by pointing this anomaly out. Of course it is not an anomaly because Noonan and the permanent government are beholden to vulture funds who are literally screwing the Irish citizen.

There is an cost with allowing these tax breaks. It means that more tax has to be generated elsewhere to recoup the tax foregone.

Why is this government doing this?
And why are FF and the Independents staying schtum on this?

Contact your local TD, folks.
Getting good value for my vote for Donnelly
 

Burnout

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I have a life.
Heard a guy on MI stating that rents in Grafton Street are now up to 7'500€ per sq mtr. It's a great little country for some but there is something very wrong, has been for a long time and nothing can be done about it. It's crazy....then they give was it 10c to the basic wage?
 

gerhard dengler

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Heard a guy on MI stating that rents in Grafton Street are now up to 7'500€ per sq mtr. It's a great little country for some but there is something very wrong, has been for a long time and nothing can be done about it. It's crazy....then they give was it 10c to the basic wage?
I know for a fact that a charity shop located just off Grafton Street has had to vacate it's premises, because of rent hikes.

In their 2011 Fine Gael election manifesto they undertook to abolish Upward Only Rent Reviews.
 

MacCoise2

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Donnelly, Ireland's greatest spoofer, He'd be put in a home if he had a working class accent
 

gerhard dengler

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Donnelly, Ireland's greatest spoofer, He'd be put in a home if he had a working class accent
Is what Donnelly says not correct?

Stephen Donnelly, Independent TD for Wicklow and East Carlow has raised serious concerns that changes announced in this month’s Finance Bill will lead to large domestic and foreign commercial landlords operating completely tax free in Ireland.

This would lead to higher rents for families and businesses, bigger mortgages, less public money for investment in services & infrastructure and an even bigger commercial property bubble in Dublin.

It would also lead to a two-tier system in which normal Irish businesses would be paying full taxes, alongside huge foreign funds acting as landlords and paying no taxes on their profits.

Speaking today, Deputy Donnelly commented:

‘Businesses all over Dublin are coming under enormous pressure because of the spiralling costs of rent. Dublin now has the second highest commercial rents in the eurozone. In fact, in all of Europe, the only cities that now have higher rents than Dublin are London, Geneva, Paris and Zurich. And not only are rents high, they’re rising rapidly. In the last 2– 3 years alone they’ve nearly doubled.

‘One of the reasons for this is tax breaks. In the last Dáil, the government created two tax deferral mechanisms for property investors – known as REITs and ICAVs. This has led to big foreign landlords pouring money into the country, to buy up commercial and residential property.

‘We were told that these generous tax breaks were going to be shut down in the Finance Bill. Minister Noonan stated clearly that profits generated from economic activity in Ireland would be taxed properly. Not only has the Finance Bill not done this, it has instead created new tax rules that make commercial property investment in Ireland completely tax free. No other European country does this.

‘The government is choosing to make commercial property completely tax free for landlords, in the middle of an already growing property bubble. I am calling on Minister Noonan to ensure that the bill as it is currently written is not enacted, and to ensure that commercial property is taxed in line with other businesses in Ireland.’
Has the Finance Act 2017 amended the tax status pertaining to ICAV's and REIT's?
 

MacCoise2

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Is what Donnelly says not correct?



Has the Finance Act 2017 amended the tax status pertaining to ICAV's and REIT's?
Yes (largely) and Yes (as it relates to property).

Remember he was on about the big problem being with Charities? Whatever happened to that?
 

brughahaha

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Donnelly, Ireland's greatest spoofer, He'd be put in a home if he had a working class accent
Donnelly is one of the few in the Dail who is either capable or bothers to read the small print of bills and understand them , especially regarding hedges, funds and international finance.

He would nearly restore your faith in the political class until you remember he's an almost lone voice among the 158(?)

Most of these loopholes are not accidents but the result of lobbying by vested interests
 


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