Developers benefited from special hidden tax rate

[mmrebel]

Property developers were able to avail of a special lower rate of income tax of 20%, it has emerged this evening.

The Revenue Commissioners said the special rate of tax ended in January 2009.

The 'Special Incentive Tax Rate' was introduced in the Finance Act in the year 2000.


The Revenue Commissioners said: 'The measure was intended to address the problem of a shortage of residential accommodation by increasing the supply of land for residential development.'

It applied to profits made from undeveloped land, partly developed or serviced land and land with completed houses.

Without this provision the property developers would have been liable to normal rates of 41% income tax.

The tax measure was confirmed to RTÉ News this evening following an inquiry to the Revenue Commissioners.

Earlier this year, the Government introduced an 80% windfall tax on gains made from the sale of rezoned land as part of legislation to establish the National Asset Management Agency.

RTÉ News: Developers benefited from special tax rate


I

[mmrebel]

Is anyone surprised ? looks like FF brought this in and seemed to keep it so quiet tn RTE didn't even know about .

[krusty]

Fianna Fail looking after their developer friends again .

[An Gilladaker]

RTÉ News: Developers benefited from special tax rate


I

A few more of these sweet tax deals will be unearthed over the coming weeks any figures available on how much this one has cost the country 22 billion or there abouts ??

[Bi ciuin]

Is anyone shocked anymore?

The lottery looks like small change these days with all the Billions and Trillions being talked about.

[nonpartyboy]

No doubt only a few "select " developers were made aware of this, at least it shows everyone is equal in this great republic.

[collina]

There's a shock.

The Private Sector have been stroking the country for years with the aid of their buddies in FF.

Bankers, Developers, Solicitors, Auctioneers, Retailers, Supermarkets and the rest robbed us blind since '95. Now it turns out they were on a lower rate of tax then the rest of us.

No wonder Private Sector workers were able to ignore the temptation of permanent and pensionable in the Public Service. Who needs a pension when you can make the rules up as you go?

[mmrebel]

Is anyone shocked anymore?

The lottery looks like small change these days with all the Billions and Trillions being talked about.

Nope but the question has to be asked who sanctioned this deal

[Eurocitizen]

Nope but the question has to be asked who sanctioned this deal

Rumour is that Digout was behind it.

[mmrebel]

Rumour is that Digout was behind it.

Rumour has it he is looking to get behind you too