Financial Services Ireland

Industry News

Customer Tax Transparency developments – January 2019

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The area of Customer Tax Transparency sees important developments occurring on a regular basis. Since our latest edition of this newsletter covering November 2018 updates, the Internal Revenue Service (‘IRS’) and the Organisation for Economic Cooperation and Development (‘OECD’) have continued to focus on enforcement and ways to enhance implementation when it comes to the Foreign Account Tax Compliance Act (‘FATCA’) and the Common Reporting Standard (‘CRS’).

In order to keep our clients abreast of these developments, EY offers this monthly newsletter that provides a succinct analysis of the regulatory changes and updates that will have a direct impact on how businesses and their operational models will work.

With that in mind, we would like to share the latest issue of our Customer Tax Transparency newsletter, which you can download via the link below. It provides a summary of December’s headlines along with a more detailed analysis of the impact of these developments.

Our team comprises of experts in the field of Customer Tax and Operations Reporting Services with experiences across EMEIA, MENA and the US. We will seamlessly support in any queries or implications that you may face as a result of those developments. Feel free to get in touch with us.

Some of the significant developments covered in this issue of our newsletter include:

  • IRS publication of its Semi-Annual Report on efforts made to ensure FATCA compliance.
  • IRS publication of proposed regulations to reduce taxpayers’ burden under Chapter 3 and Chapter 4 (FATCA). Please click below to see EY’s alert in this regard released on December 18, 2018.
  • The release by the OECD of the AEoI Implementation Report 2018.
  • The publication by the OECD of Terms of Reference adopted by the Global Forum for peer reviews.
  • Impact of the US Government Shutdown on QI regimes.

If you have any questions, or would like to discuss any of these topics in greater detail, please don’t hesitate to reach out to us.

Amanda Murphy

FS Associate Partner, Business Tax Advisory
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