The Irish Revenue Commissioners have officially extended the FATCA and CRS filing deadline for the 2019 reporting period from 30 June 2020 to 30 September 2020, due to the COVID-19 pandemic.
The latest FATCA and CRS Filing Guidelines to facilitate reporting were published in December 2019. Further information in relation to the updated guidelines, along with an overview of other recent AEOI developments since our last update are outlined below.
1.1 Updated Filing Guidelines for FATCA (Tax and Duty Manual Part 38-03-25)
On 12 December 2019, the Irish Revenue Commissioners published updated Filing Guidelines for Foreign Account Tax Compliance Act (FATCA) via Tax and Duty Manual Part 38-03-25.
The filing guidelines were mainly updated to reflect the latest guidance on the treatment of accounts without a US TIN included in the most recent Guidance Notes on the Implementation of FATCA in Ireland (Tax and Duty Manual 38-03-22) published in December 2019.
In particular to confirm that from 1 January 2020, Irish FIs can continue to report accounts without a US TIN by using a placeholder of nine “As” in the TIN data sub-element. However in doing so, the FI will receive an error message. If not ultimately resolved, this could eventually lead to the FI being in “significant non-compliance” of FATCA.
The guidelines were also updated to clarify that even though “#” is a valid character for ROS, it is not a valid character for FATCA XML schema purposes and should not be used. A new section was also added to outline forbidden and restricted characters in the FATCA XML schema.
Finally, there were some formatting updates made to the guidelines, including the addition of descriptive “Figures” to each of the screen shots throughout the document for ease of reference.
1.2 Revenue Guide to AEOI for Financial Account Holders (Tax and Duty Manual Part 38-03-24)
On 18 December 2019, the Irish Revenue Commissioners published an updated version of the Revenue Guide to the Automatic Exchange of Information (AEOI) for Financial Account Holders via Tax and Duty Manual Part 38-03-24.
The guide was updated to incorporate the “Relief Procedures for Certain Former Citizens” published by the IRS concerning certain individuals (e.g. “Accidental Americans”) affected by FATCA reporting, which were summarised in our previous update.
2.1 Updated Filing Guidelines for DAC2 – CRS (Tax and Duty Manual Part 38-03-26)
On 12 December 2019, the Irish Revenue Commissioners published updated Filing Guidelines for DAC2 – Common Reporting Standard (CRS) via Tax and Duty Manual Part 38-03-26.
The main technical update to these filing guidelines relates to permitted characters. In particular similar to FATCA, although “#” is a valid character for ROS, it is not a valid character for OECD XML schema purposes and should not be used.
There were also some formatting updates made to the guidelines, including the addition of descriptive “Figures” to ease of the screen shots throughout the document for ease of reference.
2.2 Updated AEOI Status of Commitments List
In May 2020, the OECD published a revised AEOI Status of Commitments List, bringing the total number of jurisdictions committing to exchange information under CRS to 157.
2.3 MCAA Signatories
On 24 December 2019, the OECD published a revised list of MCAA Signatories, bringing the total number of signatories to 108.
Should you require any assistance with meeting your reporting obligations under FATCA and CRS ahead of the 30 September 2020 deadline, please contact Kevin Cohen, Head of AEOI.