Ireland And Thailand Sign Double Taxation Agreement

Ireland and Thailand have signed a Double Taxation Agreement (DTA) in a bid to increase trade between the two countries.

The Irish Ambassador to Thailand Declan Kelly signed the agreement yesterday on behalf of the Tánaiste and Foreign Minister Eamon Gilmore.

Deputy Prime Minister and Minister of Foreign Affairs, Mr. Surapong Tovichakchaikul, signed on behalf of the Kingdom of Thailand.

Commenting on the agreement, the Tánaiste said: "This agreement will facilitate greater trade between Ireland and Thailand, where the economy grew by an impressive 6.5% in 2012. Our bilateral trade is currently worth around €435 million, and I am confident that we will see increased opportunities for Irish businesses to boost their exports as a result of the agreement.

"The Government will continue to focus on expanding Ireland’s trade and investment ties globally to create jobs and continue to drive economic recovery in Ireland. Double Taxation Agreements are key to assisting Irish companies expand into new markets."

This is the 70th Double Taxation Agreement (DTA) signed by Ireland.

Ireland’s exports to Thailand include food products and chemicals.

The Government is also focused on attracting more Thai students to study in Ireland.

The University of Limerick and TCD already have partnerships with leading Thai universities.

Double taxation arises when the same income or capital gain is taxed by two jurisdictions.

The expansion of Ireland’s tax treaty base will continue and additional treaties are in the pipeline, according to the Department of Foreign Affairs.

(IT/CD)