As the title says but waiting for it to become a live article on www.sbpost.ie to link.
I suppose with paddys weekend the IT crew are all off enjoying the festivities.
According to Revenue, out of the estimated 150,000 Irish owned foreign properties, only 5,000 properties paid Revenue any tax
Today’s SBP is now available on the website.
OW’s referenced piece:sbpost.ie/post/pages/p/story … qqqx=1.asp
The Revenue Commissioners have obtained the names of thousands of Irish citizens holding overseas bank accounts, as part of a major investigation into overseas property investments.
The tax authority is also examining foreign tax returns filed by Irish residents in an effort to determine if any undeclared money has been used to buy overseas property.
The Revenue has identified France and Spain as the most popular destinations for Irish investors, and is working closely with tax officials in both jurisdictions.
The tax returns were advanced to the Revenue under exchange of information agreements with its European counterparts. The Revenue has also been provided with a list of names of Irish citizens who have earned deposit interest on overseas bank accounts across the EU.
Based on the information provided, the tax body has just sent an initial tranche of letters to Irish individuals requesting further information. The Revenue will assess the results of this initial trawl before deciding whether to scale up its examination of the account holders.
The information was automatically provided to the Revenue under a recent European information-sharing protocol called the EU Savings Directive.
During its previous trawl into offshore bank accounts, the Revenue discovered that people were hiding undeclared money by investing in property assets. This prompted the Revenue to focus on the area.
The main focus of the investigation is determining whether any undeclared money has been used to fund overseas property investments. The Revenue is also seeking to discover if Irish property investors are receiving taxable income that is not being declared.
According to figures released to this newspaper by the Department of Finance, just 4,450 individuals returned rental income from foreign properties in 2005.The Revenue has identified a further 2,000 individuals who did not make returns and this figure is expected to increase.
A recent study by OPP Knowledge and Datamonitor estimated that Irish investors owned about 60,000 foreign properties worth more than €5.5 billion. However, there is no accurate means of tracking Irish investment overseas, and assessing the true value is difficult.
Industry estimates put the number of Irish-owned foreign properties at somewhere between 150,000 and 250,000.
I don’t see any proof of mass tax evasion here, it’s entirely possible that the remaining 245,550 Robopaddies can’t find tenants for their properties
Maybe the revenue are looking to tell them about some tax credits they should be claiming to cover their losses!
Who was it first said that overseas properties were the revenue’s rainyday fund? Well, it’s rained a lot so far this winter and the outlook isn’t great for the early part of the summer!
Revenue dipping into the rainy day fund… we predicted this a long while back!
thepropertypin.com/viewtopic … rainy+fund
Here is part of the article
Revenue probes accounts linked to overseas property
16 March 2008 By Ian Kehoe
The tax authority is also examining foreign tax returns filed by Irish residents in an effort to determine if any undeclared money has been used to buy overseas property.
The Revenue has identified France and Spain as the most popular destinations for Irish investors, and is working closely with tax officials in both jurisdictions…
**Industry estimates put the number of Irish-owned foreign properties at somewhere between 150,000 and 250,000. **
Full article
National Stock Non Primary
300,000 national empties
International
Total 750,000 mostly non essential dwellings all “price easing”
Would anyone like to estimate the total value at the average peak for all of these properties. I did it on a napkin and it burst into flames due to the friction from my shaking hand & pencil (before ye say it NO not fist shaking!!!
Divide it by the population and give the figure for every man, woman and child!
I get around 38K per man woman and child, using an average price 220,000 per gaff. Which is a guess on my part, any way the point is we have a lot of money & time + future money & time tied up in pure idle speculation!
why should the speculators get bailed out?
?
Who said anything about bailouts?
) its so shocking I don’t think even the pin is ready for it (way too many ZEROs!)