Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I move amendment No. 78:

In page 72, between lines 11 and 12, to insert the following:

“Amendment of Schedule 24A to Principal Act (arrangements made by the Government with the government of any territory outside the State in relation to affording relief from double taxation and exchanging information in relation to tax)

77.Schedule 24A to the Principal Act is amended-(a) in Part 1 by inserting the following after paragraph 21:

“21A. The Double Taxation Relief (Taxes on Income) (Republic of Kazakhstan) Order 2017 (S.I. No. 479 of 2017).”,

and

(b) in Part 3 by inserting the following after paragraph 8AB:

“8AC. The Exchange of Information Relating to Tax Matters (Macao Special Administrative Region of the People’s Republic of China) Order 2017 (S.I. No. 480 of 2017).”.”.

Both agreements referred to above have already been considered and approved by the Dáil Select-Sub Committee on Finance as part of the ratification process and approved by Dáil Éireann. The amendment proposed makes changes to Part 1 and Part 3 of Schedule 24A to the Taxes Consolidation Act 1997. The amendments to Part 1 give effect to a new double taxation agreement with the Republic of Kazakhstan. All such international agreements entered into by Ireland must be listed in Part 1 of Schedule 24A. The amendments to Part 3 give effect to new tax information exchange agreements which the State has entered into with Macao. All such agreements entered into by Ireland must be listed in Part 3 of Schedule 24A.

Double taxation agreements are widely regarded as critical pieces of fiscal infrastructure for developing substantial bilateral trading and investment opportunities by reducing tax impediments that might otherwise deter cross-border activity.

Tax information exchange agreements between Ireland and other jurisdictions allow the Revenue Commissioners to request information that is relevant to an Irish tax investigation directly from other authorities.

The addition of these agreements to Schedule 24A is the final step in the legislative and ratification procedure that will ensure that they will have the force of law. It is essential that these amendments be made in the Finance Bill, as doing so completes the Irish ratification process for these agreements, thereby fulfilling Ireland's commitment to complete ratification as soon as possible. The agreements will come into force once both parties have completed their ratification processes.

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