S.I. No. 326/2023 - Finance Act 2022 (Section 92(1)) (Commencement) Order 2023

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 23rd June, 2023.

I, MICHAEL MCGRATH, Minister for Finance, in exercise of the powers conferred on me by section 92 (2) of the Finance Act 2022 (No. 44 of 2022), hereby order as follows:

1. This Order may be cited as the Finance Act 2022 (Section 92(1)) (Commencement) Order 2023.

2. The 1st day of July 2023 is appointed as the day on which section 92 (1) of the Finance Act 2022 (No. 44 of 2022) shall come into operation.

GIVEN under my Official Seal,

20 June, 2023.

MICHAEL MCGRATH,

Minister for Finance.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation)

This Order commences section 92(1) Finance Act 2022 and appoints 1 July 2023 as the date of the coming into effect of that subsection.

Section 92(1) Finance Act 2022 amends section 1041 Taxes Consolidation Act 1997 (TCA) (Rents payable to non-residents), which provides for the taxation procedure that applies to rental income and other lease income received by a person who is not resident in Ireland in respect of property located in the State. Section 92(1) imposes additional obligations on persons paying rent directly to a non-resident landlord, in respect of providing certain information regarding the landlord, the property, and the rental payment to the Revenue Commissioners. The section also removes a collection agent from the obligation of being chargeable and assessable where the agent withholds tax from the rent payment and provides certain information to the Revenue Commissioners.