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European Banking Law

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  • 04-03-2013 3:59pm
    #1
    atkin
    Closed Accounts Posts: 342 ✭✭


    Hi,
    Got a call from my Bank in Luxembourg. They say that Bond and Interest accounts will be declared to Revenue in Ireland from 2014.I already pay a retention tax will I be double taxed ?
    The only option for me is to switch to an Equity Fund and avoid disclosure and possibly more tax.
    What will happen in the future if even risk related Equity Funds are taxed and require disclosure to Revenue.
    Tagged:


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    #2
    Victor
    Registered Users Posts: 78,404 ✭✭✭✭Victor


    You would have to stop evading tax. :)

    Ireland has double taxation treaties with most countries, the tax you pay in one would be off-set against the other.


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    #3
    Marcusm
    Registered Users Posts: 10,322 ✭✭✭✭Marcusm


    Victor wrote: »
    You would have to stop evading tax. :)

    Ireland has double taxation treaties with most countries, the tax you pay in one would be off-set against the other.

    That would be true but IIRC there should not be a withholding tax from Luxembourg on the deposits of Irish residents provided the appropriate DTA procedures are followed. The back up withholding approach was only for those who withheld information. Tax withheld but which could be rescinded is not eligible or tax relief in Ireland.


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    #4
    atkin
    Closed Accounts Posts: 342 ✭✭atkin


    The Luxembourg authorities initally agreed to levy a witholding tax without providing details of accounts .

    The issue for those that say you are avoiding tax is not my problem but an ex wife !!
    I have no problem holding bank accounts in Ireland but a solicitors letter is all it takes to freeze or get access to accounts.
    Don't believe the bull that it has to proved that the money is being laundered or attached to crime.
    I think in future its back to under the mattress.


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    #5
    atkin
    Closed Accounts Posts: 342 ✭✭atkin


    The European Savings Directive applies to Ireland in that at present all Bank Accounts with interest above 635 Euro are submitted to Government.In future this will also apply to Investment Funds .
    The Dept of Social Protection wants access to Bank Accounts to pay defaulters on the property tax. This just the start of your Bank accounts being probed.
    The amount of savings to get full J S allowance is 15K euro single, 30K married regardless of children.I think anyone who has worked for 10+ years and is now unemployed has more than this.
    Your welfare gets reduced and you stand in line with those that never worked who get more .
    The incentive to work is further diminished .You spend spend spend and go back to welfare show receipts how the money is gone.You go back on full J S to be like the neighbors .
    There is the imitative to reduce the amount of cash in circulation its good for our economy . Yeah hide it under the mattress,buy diamonds,art work ,give it like Bono to Africa better still ask him how to hide it.......:cool:


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