Dáil Éireann Debate, Wednesday - 3 November 2010
108 Deputy Thomas P. Broughan asked the Minister for Finance if the Irish Government intends to negotiate a settlement with the Swiss Government in relation to Irish tax fugitive funds based in Swiss banks along the lines recently agreed between the UK Chancellor and his Swiss opposite number; and if he will make a statement on the matter. [40420/10]
Amharc ar fhreagraOn 25 October the United Kingdom and Switzerland signed a declaration on the initiation of negotiations on the expansion of cross-border cooperation in tax matters and improved market access for banks. These negotiations are expected to commence at the beginning of 2011. Ireland recently concluded negotiations with Switzerland on a Protocol to the Ireland Switzerland Double Taxation Convention. This Protocol includes the new OECD Article on Exchange of Information which will enable information to be obtained by the Revenue Commissioners in relation to bank accounts held by Irish residents in Switzerland. I should state that interest earned on all such accounts are fully taxable in Ireland at the taxpayer's marginal rate of tax.
