tax position on overseas company

R

rodger

Guest
Simple question really:

I have an overseas company which owns an overseas property.
(this country has double taxation agreement with Ireland)
My understanding is: So long as I don't drawdown any income from the company
I don't need to declare the overseas investment here in Ireland?

Regards
 
The place management/control of the company is much more important than remittance of income

The company could be deemed by the Revenue Commissioners to be an Irish Resident company based on the location of borad meetings, residence of the directors and location of statuory and financial records
You should get this checked out by whoever advised you to set up this company and make sure they put all advice in writing

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rodger said:
Simple question really:

I have an overseas company which owns an overseas property.
(this country has double taxation agreement with Ireland)
My understanding is: So long as I don't drawdown any income from the company
I don't need to declare the overseas investment here in Ireland?

Regards
Click to expand...
What exactly do you mean by 'drawdown'? Are you getting income from this company/property in the overseas country?
 
By "drawdown" I mean:
withdraw money from company bank account.
 
Irrespective of whether you draw money or not from this company, you should definently get in wrting from their advisor who help set it up the tax position

Otherwise get indepenedent professional advice

It is an area that can be a minefield

[email protected]
 
rodger said:
By "drawdown" I mean:
withdraw money from company bank account.
Click to expand...
How are you treating this withdrawal in the company accounts? Divident payment? Salary? Are you withdrawing cash or transferring funds into your personal account?
 
I don't plan to withdraw any money. That's the point.

So without taking any profit or receiving any dividend I'm
thinking there is no taxable income.
 
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