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ARTICLE · 19 DECEMBER 2012

Investment Funds Update - December 2012

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

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Irish Finance Minister, Michael Noonan, has confirmed that negotiations with the US in relation to a new inter-governmental agreement have now been concluded.

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
John Gulliver
John Gulliver
Mark Browne
Mark Browne
Declan Moylan
Declan Moylan
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Ireland-US Agreement on the Implementation of FATCA

Irish Finance Minister, Michael Noonan, has confirmed that negotiations with the US in relation to a new inter-governmental agreement ("IGA") have now been concluded, and as a result Ireland will be one of the first jurisdictions to enter into a new IGA with the US to implement the Foreign Account Tax Compliance Act ("FATCA"). These bilateral agreements will aid the US in tackling tax evasion and improving international tax compliance.

It is anticipated that, under the Ireland-US IGA, Irish financial institutions will be able to avoid the need to enter an individual agreement with the IRS and instead will be able to report directly to the Irish Revenue Commissioners in relation to financial accounts held in Irish financial institutions by US persons. The Irish Revenue Commissioners will then share this information with the IRS under the existing double tax treaty arrangements.

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