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South Africa And Ireland Update DTA

by Lorys Charalambous,, Cyprus

22 March 2010

In Cape Town, Ireland’s Minister of State for Overseas Development, Peter Power, and South Africa’s Minister of Finance, Pravin Gordhan, have signed a protocol updating the existing double taxation agreement (DTA) between the two countries.

The bilateral DTA was originally signed in October 1997, and the new protocol will, it was said, improve the conditions for trade between Ireland and South Africa. Power emphasized the importance for the two countries of this protocol which will further strengthen their bilateral relations.

Speaking after the signing of the protocol, Power said: “Taxation treaties have a range of benefits for Irish companies who want to do business overseas. The agreements reduce the possibility of taxation being levied twice and encourage cross-border trade efficiency. The treaties also assist in the elimination of tax evasion and improve certainty for taxpayers and tax authorities in their international dealings.”

“The protocol signed today updates our existing tax treaty with South Africa,” he continued. “It increases certainty and improves the trade environment for Irish businesses selling products or services to South Africa. The government is committed to doing everything possible to assist Irish businesses working in markets around the world, including South Africa.”

He added that: “Ireland has a wide network of comprehensive double taxation agreements. The agreements cover direct taxes, which in the case of Ireland are income tax, corporation tax and capital gains tax. We are always seeking to increase our network of taxation treaties and update the existing treaties to take account of developments in international trade and taxation.”

The Minister stressed the Irish government’s commitment to improving economic ties with South Africa. He said that, for Ireland, South Africa is a key entry point for its trade with the rest of Africa.

TAGS: capital gains tax (CGT) | South Africa | tax | business | double tax agreement (DTA) | Ireland | law | corporation tax | agreements | individual income tax | Africa

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