Rent Arrears Scheme

The deadline of the rent arrears scheme is 30^th June 2015.  Such rental arrears scheme is applicable in relation to undeclared rental income earned during calendar years 2005 to 2012.  Such undeclared rental income may be declared and a flat tax rate of 15% is to be paid on such undeclared rental income.  Such 15% tax is to be paid on a two-year averaged rental revenue received for the mentioned period of time.  Under such scheme no interest or penalties would be charged on the declaration of the rental income earned during 2005 to 2012.  The prescribed form (TA24A) together with a cheque payment covering the amount of tax due is to be submitted with the Inland Revenue Department by not later than the 30^th June 2015.    If the Commissioner of the Inland Revenue determines that there was a non-declaration or underdeclaration of rental income of rental income, a tax rate of 35% on every euro of the undeclared or non-declared gross rental income has to be paid.  This would be subject to interest and additional tax payable as specified in the Income Tax Act.  As for rental income received in 2013 and in the subsequent years, such income should have been or should be declared in the applicable tax return of the respective year subject to tax as applicable.