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ARTICLE · 10 JULY 2014

FATCA Update

Dillon Eustace
Dillon Eustace
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On Friday, 27 June 2014, the Irish Revenue Commissioners finalised the relevant Regulations with respect to FATCA.

IrelandTax
David Lawless
David Lawless
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On Friday, 27 June 2014, the Irish Revenue Commissioners (in conjunction with the Department of Finance) finalised the relevant Regulations with respect to FATCA. These Regulations will come into operation on 1 July 2014.

As readers will be aware, the Irish and US Governments signed an intergovernmental agreement ("Irish IGA") on 21 December 2012 with respect to FATCA and legislation was subsequently included in Finance Act 2013 for the implementation of the Irish IGA. The legislation (Section 891E of the Taxes Consolidation Act, 1997 ("TCA 1997")) specifically permitted Regulations to be made by the Irish Revenue with regard to the various requirements arising under the Irish IGA (such as, the potential registration, due diligence and reporting obligations that may arise).

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