TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Tax Information Exchange Agreement signed with Liberia

A new Tax Information Exchange Agreement with Liberia was signed in London on 1 November 2010.

The Contracting Parties have agreed to provide assistance through exchange of information that is ‘foreseeably relevant to the administration and enforcement of the domestic laws concerning taxes’.

There are various procedures required by law still to be completed in both countries in order to bring into force the Agreement.

Therefore the Agreement shall come into force on the date of the later of these notifications and shall have effect:

  1. for criminal tax matters on that date; and
  2. for all other matters covered in Article 1, on the earlier of that date or January 1st, 2011, but only in respect of taxable periods beginning on or after the earlier of those two dates, or where there is no taxable period, all charges to tax arising on or after the earlier of those two dates.

The full text of the agreement can be found at http://www.hmrc.gov.uk/international/liberia.pdf