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Swiss ink tax deal with Ireland

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Malcolm Curtis - [email protected]
Swiss ink tax deal with Ireland

Switzerland and Ireland have signed a deal to amend the double taxation agreement between the two countries.

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The deal, signed in Dublin on Thursday, relates to taxes on income and capital.

With regard to tracking cases of tax evasion, the agreement “contains provisions on the exchange of information in accordance with the international standards applicable at present,” the Swiss finance department said.

The standards referred to are those established by the OECD (Organization for Economic Co-operation and Development).

Switzerland and Ireland have agreed that both countries may levy a withholding tax of no more than 15 percent on gross dividends.

However, the dividends will be exempt from tax in cases where a company holds a stake of at least 10 percent in the shares of the firm distributing the dividends.

Withholding taxes are also to be exempt from dividends paid to the national banks of the two countries or to pension funds, the Swiss finance department said.
 
The tax deal still has to be approved by Swiss and Irish parliaments.

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