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Dáil Éireann debate -
Wednesday, 28 May 2003

Vol. 567 No. 6

Written Answers. - International Agreements.

Ruairí Quinn

Question:

97 Mr. Quinn asked the Minister for Finance the progress which has been made by the Revenue Commissioners in their discussions with the Portuguese authorities with a view to closing off a tax loophole which allows those who sell off assets here to avoid tax by taking up residence in such countries as Portugal; and if he will make a statement on the matter. [14653/03]

I am advised by the Revenue Commissioners that a first round of negotiations for a protocol to amend certain provisions of the Ireland-Portugal double taxation convention was held last week in Lisbon between 19 and 21 May. These negotiations are ongoing and the Revenue Commissioners hope to progress the matter in the coming months.

As I indicated previously, an amendment to Irish domestic law is contained in the Finance Act 2003. In certain circumstances, section 69 of the Finance Act will impose a capital gains tax charge in respect of a deemed disposal of certain assets owned by an individual on the last day of the last year of assessment for which the individual is taxable in the State, prior to becoming taxable elsewhere, where the individual disposes of these assets while resident outside the State and returns to the State within five years.
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