Tax implications on foreign online share trading

[BillyNoMates]

I have a online share trading account with a website outside Ireland.
I will always do my best to know my tax liability and to pay this in full.


My question though is ...
Is the Irish Revenue Commisson aware of what share dealing Irish Residents carry out outside of Ireland?

With the globalized economy it's hard to keep track of where a persons
wealth is.

Also with the explosion in the internet share trading, I think there are a significant amount of people who will be tipping their toes in the water with regard share dealing at the same time they will be very vague on the tax implications.

 

[efm]

Is the Irish Revenue Commisson aware of what share dealing Irish Residents carry out outside of Ireland?

The simple answer in No. The Irish tax system is based on self regulation. It is up to each individual to know what tax they shold be paying and pay accordingly.

However, the Revenue can get a court order issued against a company demanding full disclosure of all transactions / information relating to an Irish Resident.

The two main taxes that one needs to be aware of when dealing with shares are Capital Gains tax @ 20% and Withholding tax @ marginal rate. To be honest the Irish systmem of taxing "shares" is pretty simple for the individual - the bigger problem can arise with non-irish taxes and possibly the correct application of double taxation agreements to ensure the individual is paying the correct tax.