The Irish Revenue Commissioners on 7 September 2020 published an updated list of “frequently asked questions” (FAQs) under the common reporting standard (CRS) regime.
The updated FAQs address what schema Irish financial institutions are to use in preparing and reporting information under the CRS regime to Irish Revenue. In particular, FAQ 10 confirms that CRS XML Schema Version 1.0 and CRS User Guide Version 2.0 are applicable for all exchanges until 31 December 2020.
Because the CRS filing guideline for the 2019 reporting year has been extended to 30 September 2020—with exchanges between tax authorities taking place in advance of the 31 December 2020 deadline—the CRS XML Schema Version 1.0 and CRS User Guide Version 2.0 are to be used for these CRS submissions.
The CRS XML Schema Version 2.0 and CRS User Guide 3.0 are to be used for all CRS exchanges from 1 February 2021.
Read a September 2020 report [PDF 81 KB] prepared by the KPMG member firm in Ireland
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.