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Irish FATCA and CRS Filing Guidelines

Irish FATCA and CRS Filing Guidelines

Irish FATCA and CRS Filing Guidelines

Irish Reporting Financial Institutions are required to file their FATCA and CRS returns with respect to the 2018 reporting period by 30 June 2019.

To help facilitate the filing of 2018 FATCA and CRS returns, the Irish Revenue Commissioners published two new Tax and Duty Manuals on 17 April 2019, which summarise the FATCA and CRS filing guidelines in Ireland as follows:  

These Tax and Duty Manuals effectively replace the filing guidelines previously available on Revenue’s AEOI website.

We have included below a “Recent AEOI Developments” section which outlines some of the key updates incorporated into the new FATCA and CRS filing guidelines, along with some other key AEOI developments since our last update, most notably: 

  • New and Updated OECD CRS FAQs; and
  • Update to the Ireland-US FATCA IGA.

Recent AEOI Developments

1. Updated FATCA and CRS Filing Guidelines

On 17 April 2019, the Irish Revenue Commissioners published two new Tax and Duty Manuals, which summarise the FATCA and CRS filing guidelines in Ireland. We have outlined below some of the key updates included within these manuals: 

  • Financial Institutions registering their FATCA or CRS reporting obligation on ROS will now be required to disclose the date on which the Financial Institution’s reporting obligation began, as opposed to simply inputting the date of registration.
  • Both manuals include a new section for “ROS Valid Characters”, which outlines characters that are allowed to be included in a FATCA or CRS return. 
  • For FATCA purposes, Part 38-03-25 includes a new section for “XML schema element reference – FilerCategory”, which clarifies that the “Filer Category” field is mandatory, either on the sponsor or in the Reporting FI element, as relevant. Additionally, the Revenue auto-generated nil return facility now also includes a mandatory “Filer Category” drop-down field, which must be populated. 
  • For FATCA purposes, Part 38-03-25 also includes new sections with respect to the acceptance of FATCA returns by both Revenue and the US Internal Revenue Service (“IRS”). Notably, following the exchange of a Financial Institution's FATCA return with the IRS, a notification will be received via ROS either detailing the successful or unsuccessful acceptance of the return. Where the return was not accepted, details of the errors encountered will be outlined and these errors must be corrected within 120 days of receiving the unsuccessful notice.
  • The Tax and Duty Manuals incorporate the “Revenue guide to filing a FATCA return” and the “CRS Naming Conventions, and CRS XML Forbidden and Restricted Characters” documents, which were not expressly included in the former filing guidelines and were separately published on Revenue's AEOI website.

2. Common Reporting Standard (“CRS”)

2.1 New and Updated OECD CRS FAQs

In February 2019, the OECD released New and Updated CRS FAQs with respect to the following: 

  • Sections II-VII: Due Diligence Requirements FAQ #22 – Timing of Self-Certifications
  • Section VIII(A): Definitions – Reporting Financial Institutions FAQ #9 – Treatment of Corporate Trustees and SPV Custodians
  • Section VIII(D): Definitions – Reportable Account FAQ #9 – Reportable Jurisdictions for Pre-Existing Entity Accounts
  • Section VIII(E): Definitions – Miscellaneous FAQ #2 – Income from the Investment of the Capital of Insurance Companies

2.2 Updated AEOI Status of Commitments List and MCAA Signatories

On 25 April 2019, the OECD published a revised list of MCAA Signatories, bringing the total number of signatories to 105.

In November 2018, the OECD published a revised AEOI Status of Commitments List. This brings the total number of jurisdictions committing to exchange information under CRS to 153.

2.3 Irish Participating Jurisdictions List

On 28 September 2018, the Irish Revenue Commissioners published the latest list of Participating Jurisdictions for CRS and DAC2 purposes, which now includes 98 jurisdictions. 

3. Foreign Account Tax Compliance Act (“FATCA”)

3.1 Update to Ireland-US FATCA IGA

In March 2019, Ireland signed a Competent Authority Agreement with the US, which expressly adds two categories of Non-Reporting Irish Financial Institutions to the list of Deemed-Compliant Financial Institutions included under Annex II of Ireland’s IGA, namely: 1) Sponsored Investment Entity and Controlled Foreign Corporation; and 2) Sponsored, Closely Held Investment Vehicle.

Updated Irish FATCA Guidance Notes (via Tax and Duty Manual Part 38-03-22) are expected to be published in the coming weeks to address this development. 

3.2 Final US FATCA Regulations

On 25 March 2019, the IRS published Final FATCA Regulations, which include updates to the following sections: 

  • Definition of Responsible Officer;
  • Coordination of Certification Requirements for Compliance FIs and Sponsoring Entities of Sponsored FFIs or Sponsored Direct Reporting NFFEs;
  • Requirement for a Written Sponsorship Agreement;
  • Extension of Time for Certifications for the Certification Period Ending on December 31, 2017, for Sponsoring Entities of Sponsored FFIs or Sponsored Direct Reporting NFFEs and Trustees of Trustee-Documented Trusts;
  • Registration by a Sponsored FFI or Sponsored Direct Reporting NFFE after Termination of the Sponsoring Entity by the IRS;
  • Sponsored Entities Located in a Model I IGA Jurisdiction; and
  • Nonsubstantive Changes.

3.3 Proposed US FATCA Regulations

On 18 December 2018, the IRS published Proposed FATCA Regulations, which include updates to the following sections: 

  • Elimination of Withholding on Payments of Gross Proceeds from the Sale or Other Disposition of Any Property of a Type Which Can Produce Interest or Dividends from Sources Within the United States;
  • Deferral of Withholding on Foreign Passthru Payments;
  • Elimination of Withholding on Non-Cash Value Insurance Premiums Under Chapter 4;
  • Clarification of Definition of Investment Entity;
  • Modifications to Due Diligence Requirements of Withholding Agents Under Chapters 3 and 4; and
  • Revisions Related to Credits and Refunds of Overwithheld Tax.

4. AEOI Tax and Duty Manuals

A reminder that Ireland’s key guidance on the application of FATCA and CRS in Ireland is available via the three Tax and Duty Manuals published by Revenue in May 2018 as follows:  

Should you require assistance with meeting your obligations under the various AEOI regimes, including filing your FATCA and CRS returns ahead of the 30 June 2019 deadline, please contact a member of our AEOI team.