Revenue E-Brief

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Revenue E-Brief Issue 88/2014, 02 October 2014

Publication of Guidance Notes on the Implementation of FATCA in Ireland

The Foreign Account Tax Compliance Act (FATCA) aims to combat tax evasion by improving exchange of information between tax authorities.

On 21 December 2012, the Minister for Finance, on behalf of the Government, signed an intergovernmental agreement with the US in relation to the implementation of FATCA in Ireland. The Statutory Instrument implementing the Agreement (S.I. No 33 of 2013) is included in Part 3 of Schedule 24 to the Taxes Consolidation Act, 1997. This Statutory Instrument together with the Financial Accounts Reporting (United States of America) Regulations 2014 (S.I. No 292 of 2014) and section 891E of the Taxes Consolidation Act give legislative effect to the Agreement.

The Agreement provides for the automatic reporting and exchange of information on an annual basis in relation to accounts held in Irish Financial Institutions by US persons, and the reciprocal exchange of information regarding US Financial Accounts held by Irish residents. The Agreement and the Regulations implement FATCA in Ireland.

Revenue has today published guidance notes for the implementation of the FATCA in Ireland on the Automatic Exchange of Information section of the website.

The US Treasury and the Internal Revenue Service published Notice 33-2014 on May 19 2014. This notice provides for a relaxation of the due diligence obligations under FATCA in certain circumstances. The contents of this Notice are not provided for in the Financial Accounts Reporting (United States of America) Regulations 2014. However, Revenue will not consider FATCA registered financial institutions to be in breach of these regulations in circumstances where they avail of the provisions of Notice 33-2014.

If you require any further information regarding the implementation of FATCA in Ireland please contact Revenue at the following address:

Corporate Business and International Division
Incentives & Financial Services Branch
New Stamping Building
Dublin Castle
Dublin 2

02 October 2014