, paragraph 1(j): (
: A Common Contractual Fund established in Ireland shall not be regarded as a resident of Ireland and shall be treated as fiscally transparent for the purposes of granting tax treaty benefits. 3.
, paragraph 4: Ireland confirms that, in accordance with section 584 of the Taxes Consolidation Act 1997 and subject to the provisions of that section, a reorganization or reduction of a company’s share capital shall not be treated as involving any disposal of the original shares or any acquisition of the new holding or any part of it; but the original shares (taken as a single asset) and the new holding (taken as a single asset) shall be treated as the same asset acquired as the original shares were acquired. 4.
, paragraph 5: Where (
: It is understood that this Article does not require the Contracting Parties to exchange information on an automatic or spontaneous basis. IN WITNESS WHEREOF, the undersigned, duly authorised thereto, have signed this Protocol. DONE in duplicate at Dublin this 22 day of June 2010, in the English language. For the Government of IrelandBrian Lenihan For the Government of the Hong Kong Special Administrative Region of the People’s Republic of ChinaK C Chan GIVEN under the Official Seal of the Government, 11 January 2011. BRIAN COWEN, Taoiseach. EXPLANATORY NOTE. (This note is not part of the Instrument and does not purport to be a legal interpretation.) This Order gives the force of law to the Agreement between Ireland and Hong Kong for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, which is set out in the Schedule to the Order. The effect of the Agreement is summarised below. This Agreement, which was signed in Dublin on the 22nd June 2010, is comprehensive in scope and is based on the OECD Model Convention. The taxes covered by the Agreement are, for Ireland, Income Tax, Income Levy, Corporation Tax and Capital Gains Tax: for Hong Kong, Profits Tax, Salaries Tax and Property Tax. The Agreement provides for the allocation of taxing rights between Ireland and Hong Kong and for the granting of relief from double taxation with regard to items of income and capital gains which, under the laws of Ireland and the laws of Hong Kong, may under the terms of the Agreement be taxed in both countries. Where both countries continue to have taxing rights, for example in the case of certain interest payments and royalties, business profits arising through a permanent establishment which a person resident in one country has in the other country, or in the case of capital gains arising from the disposal of immovable property, the Agreement provides that the country of residence of the recipient of the income or gain will give relief against its tax on the income or gains for the tax paid in the other country on the same income or gains. Irish direct investors (i.e. Irish companies holding 5% or more of the voting power of the paying company) in receipt of dividends from a Hong Kong company are granted credit for the tax paid by the Hong Kong company on the profits out of which the dividends are paid (known as credit for underlying tax). Source State taxation of interest and royalties is restricted to 10% and 3% respectively. Exemptions from Source State taxation include interest beneficially owned by the Government and any statutory body, institution or fund wholly or mainly owned or appointed by the Government as may be agreed from time to time between the competent authorities of the Contracting Parties, and in the case of Ireland also includes the Central Bank, the National Treasury Management Agency, the National Pensions Reserve Fund, the National Asset Management Agency and in the case of Hong Kong also includes the Hong Kong Monetary Authority. The Agreement also provides for safeguarding nationals and enterprises of one country against discriminatory taxation in the other country, for consultation between the competent authorities of the two countries for the purpose of resolving any doubts or difficulties arising as to the interpretation or application of the Agreement and for the exchange of such information between these authorities as is forseeably relevant for carrying out the provisions of the Agreement or of the domestic law of either country in relation to the taxes covered by the Agreement. The Agreement will enter into force when each country notifies the other of the completion of its procedures for bringing the Agreement into force. It will thereupon have effect in both countries for tax periods in the following year. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais
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