Ireland: Updated guidance on treatment of profit-sharing plans for FATCA, CRS purposes

Updated guidance for profit-sharing plans (schemes)

Updated guidance for profit-sharing plans (schemes)

The Irish Revenue Commissioners released updated guidance for profit-sharing plans (schemes) to address how such plans are to be treated for Irish FATCA and common reporting standard (CRS) purposes.

The updated guidance confirms that any trust that has been established for the sole purpose of an approved profit sharing plan is to be considered an “excluded product” for Irish FATCA reporting purposes and an “excluded account” for Irish CRS reporting purposes.

Read a June 2021 report [PDF 676 KB] prepared by the KPMG member firm in Ireland

 

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