Ireland South Africa Double Taxation Agreement

Agreements between the two tax administrations of two countries should enable administrations to eliminate double taxation. He added: “Ireland has a wide network of global double taxation treaties. The agreements concern direct taxes, which are Ireland`s income tax, corporation tax and capital gains tax. We continue to strive to expand our network of tax treaties and update existing treaties to reflect developments in international trade and taxation. In Cape Town, Ireland`s Overseas Development Minister, Peter Power, and South Africa`s Finance Minister, Pravin Gordhan, signed a protocol updating the existing double taxation agreement (DBA) between the two countries. The navigation area above provides access to the texts of the corresponding agreements. Ireland has comprehensive double taxation treaties with 73 countries. An agreement with Ghana is still in the process of ratification and negotiations have been concluded with Kenya, Kosovo, Oman and Uruguay. Agreements generally include income tax, corporation tax and capital gains tax and general levy. After the protocol was signed, Power said: “Tax agreements have a number of advantages for Irish companies wishing to do business abroad.

The agreements reduce the possibility of applying taxation twice and promote the efficiency of cross-border trade. The agreements also contribute to eliminating tax evasion and improving the security of taxpayers and tax authorities in their international transactions. Ireland ratified the Multilateral Agreement on the Implementation of Measures to Prevent BEPS (MLI) in the Finance Act 2018. It entered into force in Ireland on 1 May 2019. For a complete status of all BAAs and protocols, whether they are still under negotiation, have already been signed, but have not been ratified or are not in force in any of the Member States, we insert below a status verification document. The double taxation treaties and protocols already in force have been divided into two groups in order to facilitate navigation, i.e. “the protocol signed today updates our existing tax agreement with South Africa,” he said. “It enhances security and improves the business environment for Irish companies selling products or services in South Africa.

The Government is committed to doing everything in its power to help Irish companies operating in markets around the world, including South Africa. Almost all Irish contracts provide for zero withholding tax on interest paid to a contractor, either unconditionally or only on certain types of interest. The exceptions are contracts with Australia, Chile, Israel and Turkey, which provide for lower, but not zero, interest rates on interest payments. Many Irish tax treaties will also exempt royalties paid by Irish companies from withholding tax. The Minister underlined the Irish Government`s commitment to improving economic relations with South Africa. He said South Africa was an important access point to Ireland`s trade with the rest of Africa. He added: “Ireland has a wide network of comprehensive double taxation treaties. The agreements include direct taxes which, in the case of Ireland, are income tax, corporation tax and capital gains tax. We continue to strive to expand our network of tax treaties and update existing treaties to reflect developments in international trade and taxation. A new agreement was signed on 30 March 2011 and will replace the existing agreement with Germany.

This Agreement entered into force on 28 November 2012 and enters into force on 1 January 2013. Ireland has completed the ratification procedures to bring into force the new agreements with Kuwait, Panama and Saudi Arabia. . . .