pay tax

Although the diplomatic relations between Ireland and Turkey do not stretch back from century old, they have significantly strengthened over the past years. Both the two countries are active members of many European organizations such as the Organization for Security and Co-operation in Europe (OSCE), Organisation for Economic Co-operation and Development (OECD), the Council of Europe, World Trade Organization (WTO) and the Union for the Mediterranean..

Irish and Luxembourgian Plenipotentiaries met on the 14th of January 1972 to sign the Double taxation agreement between Ireland and Luxembourg. Their goal was to avoid double taxation and fiscal evasion in regards to capital gains and income of their nationals. Over the years, the bilateral ties of the two countries have strengthened and both countries are members of the Organisation for Economic Co-operation and Development, the Council of Europe, and the European Union.

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.

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.

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. 
 

Setting up a bank account in Ireland is no different from other countries. It’s a pretty straightforward process as long you have all the required documents. Both foreign citizens and national citizens are free to choose any Irish financial institution they would want to work with.