Thursday 17 April 2014

Deal with US to cut down on tax dodgers

THE Government is signing an agreement with the US to exchange information on taxes paid by companies and individuals.

The Americans plan to sign a common taxation agreement with most countries and Ireland is the fourth country to sign it.

It is aimed at improving tax compliance and providing for the reporting and exchange of information on tax. The deal means the Government will provide an annual report to US Internal Revenue Service on the tax paid in Ireland by US companies and citizens based here; likewise, the Americans will provide a report on tax paid by Irish companies and citizens based in the States.

The exchange of information is expected to cut down on tax avoidance and evasion in both countries and will begin in 2015.

Irish Independent

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