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Ireland, Armenia Sign DTA

by Jason Gorringe, Tax-News.com, London

21 July 2011


Ireland and Armenia have signed a double tax agreement (DTA), which, it is hoped, will bolster bilateral trade and investment.

The deal was inked during a visit to Ireland by Armenia's Foreign Minister, Edward Nalbandian, recently. According to the Irish Department for Foreign Trade and Affairs, the DTA forms part of the government's efforts to broaden Ireland’s trade and economic relations.

It is also anticipated that such relations will be strengthened still further by the conclusion of an Association Agreement between Armenia and the EU later this year.

Commenting on the signing, the Minister for Foreign Affairs and Trade, Eamon Gilmore, said: “The Double Taxation Agreement is a significant step which will assist both Irish and Armenian businesses and facilitate bilateral trade and investment. Irish companies are always looking for opportunities to grow their businesses into new markets. I have no doubt, therefore, that the Agreement will have a positive impact on trade and investment between our two countries.”

The treaty provides for lowered withholding tax rates on the payment of dividends, interest and royalties. The DTA also provides for the exchange of information and contains a mutual agreement procedure.

The Armenian treaty takes Ireland's total number of DTAs to 63, of which 55 are in effect. Ireland has completed its legal procedures to bring new agreements with Albania, Bosnia & Herzegovina, Kuwait, Montenegro, Morocco and the United Arab Emirates into force. The government also recently concluded negotiations on agreements with Ukraine and Uzbekistan.

TAGS: tax | business | double tax agreement (DTA) | Ireland | interest | royalties | Armenia | agreements | withholding tax | dividends | trade

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