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Ireland: Over 300,000 have yet to claim new tax credit for renters

DUBLIN: As per reports, the vast majority of people in Ireland who are eligible for the recently announced Rent Credit have not yet claimed it.

So far, only 78,000 tenants have taken advantage of the credit announced in the previous budget. The government estimates that approximately 400,000 people are eligible.

Rent tax can be claimed up to €500 per year for a single tenant and €1,000 for a couple.

However, according to a survey released earlier this month by several agencies, the public is generally unaware of the tax exemption.

The rent tax credit went into effect last year after being introduced in the September budget. Also claimable in income tax return for tax year 2022. However, surveys show that less than seven out of ten people are aware of rent credit, which was implemented late last year to assist tenants.

The Rent Tax Credit was introduced as rising rents and a chronic housing shortage are taking a financial toll on renters across the country. According to data, rents increased by 14% last year, the highest rate since 2006.

Revenue stated that it has processed 370,000 tax returns filed for 2022. Aisling Ni. Mhaoileoin, National PAYE Manager at Revenue, stated that returns can also be filed by logging into myAccount on the Revenue website. This enables taxpayers to correct or add information to their revenue records. Revenue staff will take a few days to review and resolve any errors or corrections.

According to the tax authority, 193 million euros have been refunded to individuals’ bank accounts so far this year.

Those who are unable to apply for tax credits directly through the revenue websites can seek the help of authorised revenue tax agents or chartered accountants.

If you have not claimed your tax credit till date, http://refundyourtax.ie, Ireland’s leading tax consultant, can be contacted on the following phone numbers for inquiries and services.

REFUND YOUR TAX @ TASC ACCOUNTANTS: Ring us at 019609192, 0872257706

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