Noonan launches public consultation on receivership
Tax implications:Minister for Finance Michael Noonan yesterday launched a public consultation on the tax implications of appointing a receiver.
The recent rise in personal and corporate receiverships has given rise to certain tax implications which require a review of the existing provisions of the Taxes Consolidation Act 1997 and the Value-Added Tax Consolidation Act 2010, according to the Department of Finance.
The department and Office of the Revenue Commissioners will consult interested parties on proposals to amend the relevant legislation with a view to dealing with the tax-related difficulties currently being experienced with regard to receivership.
Interested parties are invited to respond to the consultation paper.