IRELAND is expected to sign an
agreement with the US to exchange information on taxes paid by companies
and individuals. The US plans 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 United
States.The exchange of information is expected to cut down on tax avoidance
and evasion in both countries and the exchange will begin in 2015.
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