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Government DepartmentsTax Havens Buck European Property Slump 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds 20-04-2009
Bank secrecy jurisdictions pledge to cooperate on tax data exchange
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Dublin
Physical Facts |
|
| Population: | 4,015,676 (July 2005 est.) |
| Location: | West of British Isles. |
| Area: | 70,282 sq km |
| Climate: | Mild and damp climate with no extremes of temperature. Average winter temperature = 35 and 45 degrees F. Average summer temperature = 65 and 75 degrees F. Heaviest rainfall between August to January. Snow is very rare in the lowland areas, but more common in the mountains. |
| Transport | Roads, airports, railways, waterways, and ports |
| International Direct Dialling prefix: | + 353 |
| Internet Country Code | . |
| Time difference on GMT: | 0 |
Administrative Facts: |
|
| Status: | Republic |
| Government: | Ireland is a parliamentary democracy. The National Parliament (Oireachtas) consists of the President and two Houses: Dáil Éireann (the House of Representatives) and Seanad Éireann (the Senate), whose powers and functions derive from the Constitution of Ireland enacted by the People on 1 July 1937. Each House of the Oireachtas has power under its Standing Orders to form Committees for specific purposes. |
| Legal System: | Irish law |
| International Court Jurisdiction: | Has not accepted compulsory ICJ |
| Language: | English (official) is the language generally used, Irish (official) (Gaelic or Gaeilge) spoken mainly in areas located along the western seaboard. |
| Education system: | Irish public examinations. Professions based on Irish university degrees and institutions. |
| Residency/Working Requirements: | Most citizens of EU countries do not need a permit to work in Ireland. Those from outside of the EU wishing to work in Ireland would require authorisation from the government. |
Fiscal Facts |
|
| Legal tender & currency: | Euro |
| VAT: | 21% charged on most goods |
| Sales Tax: | |
| Import duty: | $60.65 billion f.o.b. (2004 est.) |
| Export duty: | $103.8 billion f.o.b. (2004 est.) |
| Banking: | National and International banking institutions. |
| GDP: | 254970 million US$ (world bank 2007) |
| Minimum wage: | €8.65 per hour |
| Financial Services Regulation: | Insurance, banking, investment services and service provider licensed by the Financial Regulator |
Tax Facts |
|
| General: | Ireland has Double Tax Treaties with 44 countries: Australia, Austria, Belgium, Bulgaria, Canada, China, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Israel, Italy, Japan, Republic of Korea, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Pakistan, Poland, Portugal, Romania, Russia, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, the United States of America and Zambia |
| Corporate Tax: | 12.5% on profits arising from a trade or professional in Ireland. Non trading income of Irish companies (including income from dealing in and developing land) will be subject to a special rate of tax of 25%. Capital gains are taxed at 20%. Dividend profits of an Irish Company are subject to a tax rate of 20% that is withheld at source by the Company on the gross dividend. The 20% withholding tax rate is avoidable where dividends are paid to a parent company located in a country with a double taxation agreement with Ireland. The UK, Cyprus and Denmark are likely to constitute popular locations for parent companies of Irish subsidiaries. |
| Individual – resident: | There is a progressive personal tax system in Ireland, with most employees being on the Pay As You Earn (PAYE) system in which tax is deducted by their employer. The self-employed are responsible for paying their own tax and are required to complete an annual tax return under the Self Assessment system. The standard rate of personal tax in Ireland is 20% and the higher rate 42%. Anyone who is resident in Ireland for 183 days or more during a tax year is liable to income tax on their income from any source, and may be eligible for tax credits and deductions. Anyone who is resident in Ireland for 280 days over two consecutive tax years is liable for tax in the second year. There is a Tax Credit system whereby tax payable is reduced for certain groups such as married couples, employees on the PAYE system etc. Income and eligibility for tax credits are taken into account in calculating the Standard Cut-Off point at which an individual becomes liable for the higher rate of tax. In 2005 the lower rate of tax was payable on the first EUR 29,400 of earnings by single taxpayers, and on the first EUR 58,800 of earnings by married taxpayers. |
| Individual – non-resident: | |
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