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Ireland: Updated FAQs for CRS

Ireland: Updated FAQs for CRS

The Irish Revenue Commissioners on 7 September 2020 published an updated list of “frequently asked questions” (FAQs) under the common reporting standard (CRS) regime.

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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

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