Accounting

What you need to know before buying property in Ireland

The process of purchasing property in Ireland is not that different from other European countries. If you have all the funds needed at once, it’s even easier and faster. As a general rule, foreigners who want to buy property in Ireland are expected to make a 30-50% deposit. If you want to buy the property through a mortgage, you should keep in mind that the application process can be quite a challenge as most Irish banks consider non-Irish residents a greater risk.

 

VAT registration In Ireland

Every legal business entity operating in Ireland is obliged to pay VAT, save for a few businesses and individuals who are exempted; fishers, farmers and a few others. VAT is added on to the value of services or products at each stage of production or distribution. It’s rather a clever structure set up by governments to make companies unpaid tax collectors. The upside to VAT is that if your business is VAT registered, you can claim a VAT credit from the Irish Revenue for the tax you paid to other VAT registered entities. Sadly final consumers can only pay VAT but they cannot claim it.

Types of taxes in Ireland

By law, all legal Irish entities are supposed to pay taxes on all chargeable income and gains. Ireland’s Taxes Consolidation Act which was established in 1997 is instrumental in the country’s taxation system. 
 
Residence Tax
According to Irish taxation guidelines, all income sourced in Ireland is taxable for everyone residing in Ireland. In regards to foreign sourced income i.e. income sourced outside of Ireland, it is only deemed taxable income upon remittance to Ireland.
 
Income Tax

Double Tax Treaty between the UAE and Ireland

The double taxation treaty between Ireland and the United Arab Emirates was signed in early July 2010. The tax convention was meant to prevent over taxation of businesses operating in both countries and it has also greatly strengthened the bilateral ties between the two nations. The pact fosters investment opportunities in either of the states and increases instances of trade endeavors between the two countries.
 
What are the provisions of the double tax treaty between UAE and Ireland?