Common Reporting Standard Effective In Ireland From 1 January 2016

Recent developments with regard to CRS (the OECD's "Common Reporting Standard") mean that Irish funds need to take steps now to update their application forms and subscription documents.  As referred to in Matheson's November Investment Funds Newsletter, the Irish Finance Bill 2015 contains further provisions putting in place the necessary legislative framework for the implementation in Ireland of the CRS, building on measures introduced in the Finance Act 2014.  The implementation of the CRS in Ireland will require Irish investment funds to amend their application forms in order to obtain certain additional information from investors.

The CRS, which will apply in Ireland from 1 January 2016, is a new global standard on the automatic exchange of information which is designed to combat tax evasion.  More than 90 countries have now indicated that they will implement CRS reporting in their jurisdiction.  It will oblige financial institutions and investment entities