Ireland and Portugal sign a Protocol to the their existing Double Taxation Convention


 

In Lisbon on 11th November, 2005, H.E. Patrick O'Connor, Ambassador of Ireland to the Portuguese Republic on behalf of the Government of Ireland and Fernando de Oliveira Neves, Secretary of State for European Affairs at the Foreign Ministry (and previously Ambassador to Ireland) on behalf of the Government of Portugal signed a Protocol  between Ireland and the Republic of  Portugal.

 

Two rounds of negotiations for the Protocol with Portugal took place, one in Lisbon in May, 2003 and the second round in Dublin in May, 2004. 

 

The main purpose of the Protocol is to grant Ireland more extensive taxing rights in relation to capital gains arising from the disposal of certain shares and to avoid double non-taxation of such gains.

 

Once the procedures for ratifying the Protocol are completed by both countries the Protocol will enter into effect from 1 January of the following year.

 

Ireland has 44 Double Taxation Treaties in force at present, with another 9 Treaties under negotiation and further 3 under renegotiation. 

 

Printed copies of the Protocol will be available from the Government Publications Office, Sun Alliance House, Molesworth Street, Dublin 2.  The text of the Convention is also reproduced on the Revenue Commissioners Internet site: http:/www.revenue.ie

 

 

ENDS ++++

11th November 2005

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