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:
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:
2.1 New and Updated OECD CRS FAQs
In February 2019, the OECD released New and Updated CRS FAQs with respect to the following:
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.
3.1 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:
3.3 Proposed US FATCA Regulations
On 18 December 2018, the IRS published Proposed FATCA Regulations, which include updates to the following sections:
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.