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Mr Michael Noonan T.D, Minister for Finance and His Excellency, German Ambassador Busso von Alvensleben today signed in Dublin a Revised Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital.

The revised Agreement is expected to have a positive impact on trade and investment between Ireland and Germany.  Commenting on the signing, Minister Noonan noted that “Ireland’s Double Taxation Agreement with Germany was signed in Dublin in October 1962 and is Ireland’s oldest Double Taxation Agreement.  As both Ireland and Germany’s taxes and laws have altered considerably since that time, many of the provisions of that Agreement needed to be replaced and updated”.  Adding that

“Ireland and Germany have long been partners in Europe and partners in the world.  Germany is a role model in Europe and is globally supporting its home-grown innovation and talent.  The signing of this revised Agreement will be a key instrument for strengthening economic relations between Ireland and Germany.  It is hoped that the Agreement will be an important asset for Ireland as we continue to seek to attract German investment into Ireland and that it will also facilitate Irish businesses in accessing German markets”.

Ambassador von Alvensleben described the agreement as “a great example of the trustful and pragmatic day-to-day cooperation of Ireland and Germany, at Government levels and at business levels.  There is huge potential for bilateral business in many areas, particularly in the energy and renewables sector.”  Adding that

“Ireland and Germany are close business and trade partners. About 300 German companies have set up business in Ireland employing 20,000 people, and 60 Irish companies are estimated to employ around 10,000 people in Germany. Germany is Ireland’s biggest trading partner on the Euro­pean con­tinent. Ireland achieves a considerable trade surplus with Germany: according to CSO figures for 2009, Ireland exported goods and services are worth €12.5 billion to Germany and imported goods and services worth €6.1 billion from Germany. Ireland’s economy is very competitive and a great business partner.”