Well in egypt there is no CGT at the moment. So when you sell your property you would'nt have to pay anything in Egypt but expected to declare any profit to your Irish government and pay 20% tax on the profit.So does this mean as self-employed i pay no capital gains tax on property in Egypt? I ma in Ireland
Capital Gain Tax in Ireland is 20%. Any income brought into Ireland from abroad is charged CGT at 20%. Dual tax treaties are there so what you pay in the country where you sell you wont have to pay again in the country you reside in. they are deducted from each other and the remainder you have to pay in the country you reside in. If there is no tax treaties with the country of your investment and the country you reside in then you have to pay the full CGT in each country.
But as an example if Egypt changes its CGT and lets say put it at 10%,
because Ireland has no Dual Taxation with Egypt you would have to pay 10% in Egypt and a futher 20% in Irleand. (30% in total)
But if Ireland had dual taxation with Egypt then the 10% you would pay in Egypt would be deducted from the CGT in Ireland and you would only pay 10% here in Ireland instead of the full whack.
Pressure needs to be put on Bertie to reform the Irish Dual Taxation system because any country that Ireland doesnt have a Tax treaty with leads to the investor paying the full CGT in each country.
Being self employed has no effectt on CGT Tax i believe. But as long as Egypt dosent raise the CGT then it doesnt matter but you will have to pay 20% in Ireland regardless.