Thailand'S Economic Ties To Ireland Strengthened

[george]

Economic ties to Ireland strengthened

BANGKOK: -- Prime Minister Abhisit Vejjajiva Thursday promised to broaden economic cooperation with Ireland following the recovery of both countries' economies, with plans to proceed with a proposed doubletaxation treaty.

Welcoming Irish Ambassador Eugene Hutchinson to Government House, Abhisit said the draft treaty, born out of negotiations in 2008, would be brought up for Cabinet consideration.

The treaty is expected to help boost bilateral economic relations.

Each year, more than 70,000 Irish tourists visit Thailand. Some Thai students also pursue their studies in Ireland. The two countries agreed Ireland opening an embassy in the Kingdom would further bilateral relations.

-- The Nation 2010-06-24

[fatbastard68]

What exactly is a double taxation treaty? Anyone know?

[steve187]

income tax is only paid in one country, not both as far as i am aware

[djayz]

What exactly is a double taxation treaty? Anyone know?

If a double taxation treaty / agreement exists between two countries, it means tax only has to be paid in one country - as opposed to paying tax in both countries. It reduces taxes of one contracting country for business of the other country and can cover one specific tax (e.g. income tax) or a range of taxes (eg. income, value added tax, inheritance, etc.).

"The provisions and goals vary highly; very few tax treaties are alike. Commonly appearing provisions:

• define which taxes are covered and who is a resident and eligible for benefits,
• reduce the amounts of tax withheld from interest, dividends, and royalties paid by a resident of one country to residents of the other country,
• limit tax of one country on business income of a resident of the other country to that income from a permanent establishment in the first country,
• define circumstances in which income of individuals resident in one country will be taxed in the other country, including salary, self employment, pension, and other income,
• provide for exemption of certain types of organizations or individuals, and
• provide procedural frameworks for enforcement and dispute resolution.

The stated goals for entering into a treaty often include reduction of double taxation, eliminating tax evasion, and encouraging cross-border trade efficiency. It is generally accepted that tax treaties improve certainty for taxpayers and tax authorities in their international dealings." see Tax treaty - Wikipedia, the free encyclopedia

I used to take care of the "double taxation" agreements when I worked in Germany (mostly USA - German double tax agreements). Usually it's very straight forward and can save a business a lot of money if it applies for a "double taxation exemption" on time (if a business leaves it too late to apply for a "tax exemption" in accordacne with the double taxation agreement it usually has to pay the taxes anyway - double taxation agreement or not...).

[spongeman]

Actually why d'ont the Thai government do something useful and set up a proper consular service in Dublin, rather than what is here now. Thai nationals in Ireland who need consular service (passports/notary etc) have to go to London. There is one lady here who gets a mobile consulate to come over once a year, but it is hopelessly oversubscribed.

This announcement is pie in the sky.

[Thaifan2]

Actually why d'ont the Thai government do something useful and set up a proper consular service in Dublin, rather than what is here now. Thai nationals in Ireland who need consular service (passports/notary etc) have to go to London. There is one lady here who gets a mobile consulate to come over once a year, but it is hopelessly oversubscribed.

This announcement is pie in the sky.

The Irish Consulate in Bangkok is very good ,but probably an Embassy would be better .The Thai Consulate in Dublin only operate a postal service but are very quick in giving out visas for Irish nationals ,at least .