Period of Consultation: 4 July to 4 September, 2012
The Minister for Finance, Mr Michael Noonan, T.D., has today [Wednesday, 4th July 2012] launched a public consultation on the tax implications of appointing a receiver.
The purpose of the joint Department of Finance and Revenue Commissioners’ consultation is to consult with interested parties on proposals to address tax issues which have arisen in relation to the appointment of receivers.
As a result of the increase in the level of personal and corporate receiverships certain tax implications have emerged which require a review of the existing provisions of the Taxes Consolidation Act 1997 and the Value-Added Tax Consolidation Act 2010.
Interested parties are invited to respond to the consultation paper and make submissions regarding proposals to amend the relevant legislation with a view to dealing with the tax-related difficulties currently being experienced where a lender appoints a receiver over property or obtains possession of a property.
Full details on how to make a submission, the proposals and a list of the consultation questions are set out in the consultation paper.
The period of public consultation will run from 4th July to 4th September, 2012.