Submissions sought over tax

Finance Minister Michael Noonan has launched a two-month public consultation process aimed at best dealing with fresh taxation issues arising from the appointment of receivers to companies.

Mr Noonan is seeking 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”.

The minister said he had noted the increase in the level of personal and corporate receiverships and property repossessions and certain tax implications emerging from them which “require a review of the existing provisions of the Taxes Consolidation Act, 1997 and the Value-Added Tax Consolidation Act, 2010”.