Revenue Note for Guidance
(1) This section applies to rental income and other lease income received by a non-resident in respect of property located in the State. Such income is not chargeable in the manner provided for in section 1034. Rather the person making such payments is obliged to deduct tax at the standard rate in accordance with section 238 from any gross payments. In effect, such payments are treated as annual payments and are subject to withholding tax at source at the standard rate in accordance with section 238.
(2) Expenses incurred by the non-resident in earning the above income can reduce the final tax liability. Relief in respect of excess tax paid, can be obtained by way of repayment or otherwise.
Relevant Date: Finance Act 2021