Starting from July 1st, under the newly introduced changes of the Finance Act 2022, the Revenue Commissioners are demanding more detailed information, such as payment details and property owner identity, from tenants renting non-resident landlords’ accommodations. If a tenant pays rent into a non-resident landlord’s Irish or foreign bank account, the tenant will be required to file a rental notification (RN) on the platform within 21 days of paying the rent, to streamline the process. The RN will require specific details such as the landlord’s tax reference number, email address, and phone number, along with the accommodation’s local property tax (LPT) ID reference, landlord’s address, the date of rent payment, and the rent amount.
Irish people who emigrated during recession or bought inherited property here are required to deduct 20 percent of the rent for income tax and pay it to Revenue when paying rent directly to individual overseas landlords. Chartered Accountants Ireland believes that the withholding tax should be removed altogether. While the new system makes filing taxes easier, tenants still have to do the work. The Irish Tax Institute and other tax bodies urged the Department of Finance to make the process of appointing a collection agent easier as they face difficulties completing tax returns when they lack required information such as a landlord’s other Irish income.
The Institute of Professional Auctioneers and Valuers has been lobbying for these changes for years and are glad that agents’ liability is fulfilled once they pay the relevant 20 percent withholding tax for non-resident landlords. Revenue’s new Non-Resident Landlord Withholding tax platform goes live on July 1st.
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