13. Deputy Cian O'Callaghan asked the Minister for Finance for an update on the Revenue Commissioners' review of the taxes paid by Irish real estate funds; and if he will make a statement on the matter. [5042/25]

Sentiment score: 0.01

I start by congratulating Deputy Brabazon both on his election and on his maiden contribution. I know he has been a very hardworking, committed public representative for many years. In 2020, the Minister said that investment funds were engaging in aggressive behaviour to avoid tax. He introduced a range of measures that were supposed to clamp down on this tax avoidance. Since then, these property investors have seen their tax halved despite growing the size of their portfolios by more than €8 billion during the same period. A review was commenced by Revenue in 2022 to investigate this tax avoidance. Where is this review? How many more years will the Minister allow this to continue?

Sentiment score: -0.06

I will come back to the Minister on the source of that figure. So that I am clear, is the review commissioned by Revenue in 2022 published? The Minister referred to the other reports and reviews that are going on but will he clarify if that review is published? A report published by the Central Bank last year found that 78% of the homes owned by investment funds were bought as existing properties. The report also found that institutional landlords increased monthly rents by about 4.1% more than other landlords. These funds are driving up rents, increasing house prices and locking out first-time buyers. Will the Minister, at very least, close down these loopholes that are allowing them to get away with tax evasion? Was the Revenue review published?

Sentiment score: 0.09

The Minister has been very selective in the years he quoted in relation to taxation. The Minister knows well that the tax decreased. In fact, he said that there was aggressive behaviour to avoid tax. The purpose of the review conducted by Revenue was to look at how those loopholes could be shut down. Has there been any action on foot of that review, the results of which have not been published? Will the Minister be taking action? In 2017, the sector was much smaller and, of course, was paying less tax. This is a selective use of data.

Sentiment score: -0.02

Exactly. They have halved.

Sentiment score: 0.00