As he neared the end of what would be his final Budget speech last October, Paschal Donohoe highlighted an issue that attracted little attention among ordinary taxpayers but was of significant interest to institutional investors: Irish real estate funds (Irefs). A review into the wider funds industry in 2024 by senior Department of Finance officials had proposed an entity-level tax for Irefs, a tax-efficient structure established in 2017 to channel foreign investment into Irish property. The then finance minister, however, was having none of it. “I do not propose to progress this recommendation,” Donohoe said, instead announcing that his department…

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