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The Cabinet has ratified the Convention between the Ireland and Ukraine on the Avoidance of Double Taxation, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
The event is extremely important for bilateral cooperation between the two countries. Signing the convention will help continue to strengthen investment in the priority sectors of the economy of both countries. In particular, significant opportunities open up in the IT and software business, as Ukraine and Ireland are among the ten leading countries in the world in the IT outsourcing segment.
In 2013, the volume of outsourcing services provided by Ukrainian companies amounted to about 2 billion USD and caught up with Ireland, which holds second place in the globalization index ranking, ahead of the recognized leaders in digital economies, such as Singapore, USA and Japan.
The reform of the taxation system between Ukraine and Ireland will also attract more investment to the high-tech market of the two countries.
In addition, the Cabinet intends to establish a group of experts to study the phenomenon of Celtic Tiger, as Ireland is called for its rapid economic progress.
The phenomenon of the Irish economic miracle is still a conundrum for many modern economists. Joining the Common Market 30 years ago, Ireland remained one of the least developed members of the European Community before the 90th. It took the country 20 years to drastically restructure its economy, to attract 15% of all direct European industrial investment, to double its participation in global trade, and to boost exports of IT industries to 40% of GDP. Also, Ireland has demonstrated an average growth rate of real GDP of 8% for the last decade which is the highest in the EU.