S.I. No. 29/2010 - Exchange of Information Relating to Taxes (Liechtenstein) Order 2010.

1. With respect to Article 5 paragraph 1, it is understood that the taxpayer, unless subject to an investigation involving criminal tax matters, shall be informed about the intention to make a request for information. This requirement shall not apply if it would jeopardise the purpose of the investigation.

2. With respect to Article 5 paragraph 5 subparagraph a, it is understood that it is not necessary to provide the name of the taxpayer in order to define its identity, if this identity can be determined from equivalent elements.

In witness whereof the undersigned, being duly authorised thereto by their respective Governments, have signed this Protocol.

Done at Dublin, this 13th day of October 2009, in duplicate, in the English and German languages, each text being equally authentic.

For the Government of Ireland:For the Government of the Principalityof Liechtenstein

Brian LenihanKlaus Tschtscher

GIVEN under the Official Seal of the Government,

26 January 2010.

MARY COUGHLAN,

Tanaiste.

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 Tax Information Exchange Agreement (TIEA) between Ireland and the Principality of Liechtenstein, which is set out in the Schedule to the Order. The Agreement was signed in Dublin on 13 October 2009.

The provisions of the Agreement are summarised below.

The Tax Information Exchange Agreement (TIEA) is based on a model agreement that was developed by the OECD. The Agreement allows the tax authorities of Ireland or the Principality of Liechtenstein to request information from each other in relation to tax matters under investigation, in particular, for bank account information and for information concerning the beneficial ownership of companies, trusts and partnerships. The taxes covered in the case of Ireland are income tax; the income levy; corporation tax; capital gains tax; capital acquisitions tax and value added tax.

There are also provisions in the Agreement that allow each Party to carry out tax investigations in the territory of the other Party, that allow for the possibility of declining a request, that cover confidentiality and that deal with which Party should bear certain costs incurred in relation to exchanging information under the Agreement. There are also provisions that allow the competent authorities of both Parties to resolve difficulties concerning the interpretation or application of the Agreement.

The Agreement will enter into force 30 days after the later of the notifications by each country of the completion of its necessary internal procedures for bringing the Agreement into force. The Agreement will be effective for all requests made with respect to taxable periods beginning on or after the 1st January 2010.

S.I. No. 29 of 2010

EXCHANGE OF INFORMATION RELATING TO TAXES (LIECHTENSTEIN) ORDER 2010

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

5

th February

, 2010.

WHEREAS it is enacted by section 826(1B) (inserted by

section 35

of the

Finance Act 2007

(No. 11 of 2007)) of the

Taxes Consolidation Act 1997

(No. 39 of 1997) that if the Government by order declare that arrangements specified in the order have been made with the government of any territory outside the State in relation to exchanging information for the purposes of the prevention and detection of tax evasion in the case of taxes of any kind or description imposed by the laws of the State or by the laws of that territory, and that it is expedient that those arrangements should have the force of law, and that the order so made is specified in Part 3 of Schedule 24A of the

Taxes Consolidation Act 1997

, then subject to section 826 of that Act, the arrangements shall, notwithstanding any enactment, have the force of law as if such order were an Act of the Oireachtas on and from the date of the insertion of a reference to the order into Part 3 of Schedule 24A

AND WHEREAS it is further enacted by section 826(6) of the

Taxes Consolidation Act 1997

that where such an order is proposed to be made, a draft of the order shall be laid before Dáil Éireann and the order shall not be made until a resolution approving of the draft has been passed by Dáil Éireann

AND WHEREAS a draft of the following Order has been laid before Dáil Éireann and a resolution approving of the draft has been passed by Dáil Éireann

NOW, the Government, in exercise of the powers conferred on them by section 826(1B) of the

Taxes Consolidation Act 1997

, hereby order as follows