The legislation to implement the Intergovernmental Agreement with the United States to improve international tax compliance and implement the FATCA (Foreign Account Tax Compliance Act) was contained in Finance Act 2013. Accompanying draft regulations and draft guidance notes have now been published.

FATCA provides for the automatic reporting and exchange of information in relation to accounts held in Irish Financial Institutions by US persons, and the reciprocal exchange of information regarding US accounts held by Irish people. The draft guidance notes set out information for financial institutions on how to comply with their obligations under the Financial Account Reporting Regulations 2013.

The draft Regulations have been prepared under section 891E TCA 1997 and include regulations on the obligations of financial institutions to register, reportable accounts, the obligation to submit returns and the details required.

Both the draft guidance notes and the draft Regulations are available on the Department of Finance website.