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Ireland Signs Sixtieth DTA, With Montenegro

by Jason Gorringe, Tax-News.com, London

15 October 2010


The Irish government has announced the signing of its 60th double tax agreement, with Montenegro, on October 7.

The convention for the avoidance of double taxation and fiscal evasion offers a beneficial legal framework for companies and individuals operating cross-border. It will assign the taxing rights of both countries to ensure that businesses and individuals are not subject to double tax. The agreements cover direct taxes, which in the case of Ireland are income tax, corporation tax and capital gains tax.

Double Taxation Agreements are also key instruments for developing and strengthening economic and trade relations between countries. They reduce tax impediments that might otherwise deter the development of bilateral trading and investment activities.

The reaching of 60 international tax agreements represents a significant milestone and is a reflection of the priority that the Government has afforded to international business operators over recent years.

Welcoming the 60th Double Taxation Treaty milestone, the Irish Minister for Finance, Brian Lenihan, said, “My Department and the Revenue Commissioners have responded to industry calls for greater priority in expanding our tax treaty network. Since I became Minister for Finance, 12 Double Taxation Treaties have been signed along with 15 Tax Information Exchange Agreements (TIEAs). Tax Treaties are vital pieces of fiscal infrastructure that help develop economic, diplomatic and political relations between countries.”

Further additional new treaties are in the pipeline, Lenihan said, noting that his Department would continue to react to industry calls for new treaties with a number of key jurisdictions.

According to the government, negotiations for new agreements with Armenia, Kuwait, Panama, Singapore and Thailand have been concluded and are expected to be signed shortly. In addition, negotiations for new agreements with the following countries are at various stages: Argentina, Azerbaijan, Egypt, Tunisia, and Ukraine. Ireland is also negotiating a revised treaty with Germany. Negotiations for Protocols to the existing agreements with Belgium and Switzerland have also been concluded and are expected to be signed shortly.

TAGS: individuals | capital gains tax (CGT) | tax | investment | business | tax information exchange agreement (TIEA) | double tax agreement (DTA) | Ireland | law | corporation tax | Montenegro | agreements | trade | individual income tax

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