Minister Cowen to sign Taxation Convention with American Ambassador Mr. Michael J. Sullivan

The Minister for Foreign Affairs Mr. Brian Cowen T. D. and the American Ambassador Mr. Michael J. Sullivan will exchange the instruments of ratification of a Convention amending the 1997 Convention between Ireland and the United States on double taxation and fiscal evasion at a ceremony on Thursday 13 July 2000 in Iveagh House at 16.00 hrs.

The new Convention will lessen the impact of a limitation included in the 1997 Convention. The limitation was aimed at preventing the avoidance of United States tax on real estate income by certain non-US residents investing in US real estate through US Real Estate Investment Trusts (REITs).

The exchange of instruments will bring the amending Convention into force.

Minister Cowen welcomed the coming into force of the new Convention and said that, from an Irish perspective, the resulting reduction in US taxation for Irish corporate investors in REITs was a welcome development.

Note for Editors.

The Convention that comes into force on Thursday 13 July 2000 was signed in Washington on 24 September 1999. It amends the Convention between Ireland and the United States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital Gains signed in Dublin on 28 July 1997.e.Top