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Ireland: Updated FATCA, CRS filing guidelines

Ireland: Updated FATCA, CRS filing guidelines

The Irish Revenue Commissioners issued the following updated guidance to Irish financial institutions and agents with respect to FATCA and the common reporting standard (CRS) registration and reporting procedures:

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  • Updated guidance notes on the implementation of FATCA confirming that effective 1 January 2020, Irish financial institutions can continue to report pre-existing accounts without a U.S. tax identification number (TIN) by using a placeholder showing nine “A”s. Irish financial institutions are not required to immediately close or withhold on such pre-existing accounts without a U.S. TIN. Read a December 2019 report [PDF 85 KB] prepared by the KPMG member firm in Ireland

  • An updated version of the filing guidelines via the Revenue Online Service (ROS). The guidelines were updated to reflect the XML schema reference for U.S. TIN to reflect the recently updated Irish FATCA guidance notes. Read a December 2019 report [PDF 86 KB] prepared by the KPMG member firm in Ireland

  • An updated version of the revenue guide to automatic exchange of information (AEOI) for financial account holders reflects a new provision to address the “Relief Procedures for Certain Former Citizens.” The new relief procedures allow certain former persons to renounce or otherwise relinquish their U.S. citizenship. Those U.S. citizens who avail themselves of these new relief procedures will no longer need to be reported under FATCA to the IRS. Read a December 2019 report [PDF 86 KB] prepared by the KPMG member firm in Ireland

  • An updated version of the filing guidelines for DAC2-CRS that in particular relates to permitted characters (for example, while ‘#’ is a valid character for ROS, it is not a valid character for the OECD schema and must not be used). Read a December 2019 report [PDF 84 KB] prepared by the KPMG member firm in Ireland

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