Simon Harris (Wicklow, Fine Gael)
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The existing treaty with Belgium is one of our oldest double taxation agreements and was signed in Brussels in 1970. The principal feature of the protocol to the agreement relates to an exchange of information. The protocol is designed to update the article in the existing treaty on exchange of information to ensure full conformity with the OECD standard. The 1998 OECD report, Harmful Tax Competition: An Emerging Global Issue, identified the effective exchange of information for the purpose of tax investigations as one of the key criteria in determining harmful tax practices. The protocol widens the scope of the provisions in the existing treaty in respect of the exchange of information, implements the recognised OECD standards regarding transparency and exchange of information, and reflects the commitment of Belgium and Ireland to implement those standards. The information exchange provisions are necessary to counter fiscal evasion. As the Deputy will appreciate, the flow of information between tax authorities is obviously an increasingly important weapon in the armoury of national tax administrations.