FATCA has been a major compliance initiative for the last number of years, especially early this year as we approached the “Go Live” date of 1 July 2014, and financial institutions are now in the thick of implementation. Over the summer, the OECD released its Standard for Automatic Exchange of Financial Account Information in Tax Matters (“the Standard” commonly referred to as “CRS”), which leverages the approach undertaken in FATCA to broaden the world of tax transparency to global proportions. Many institutions are now considering the effect that CRS will have on them and how to leverage internal FATCA programmes to begin preparing to comply with CRS.
EY hosted a FATCA/CRS breakfast briefing in our office on Harcourt Street on Tuesday 23 September to discuss developments in these regulations. Brian Boyle from the Revenue Service also made a presentation on the current Irish position regarding these developments.
The topics discussed included:
1.Important updates coming out of FATCA Regulations and Guidance Notes (if released)
2.An overview of the Common Reporting Standard including discussion of the package released by the OECD at the end of July
3.Differences between FATCA and the CRS and the potential for convergence of internal compliance programs
4.Ireland’s position in relation to compliance with FATCA, the DAC and the CRS including what industry should expect in terms of local legislation and guidance on implementation in Ireland
The slide deck from the event is available in the link below. If you would like to hear more about FATCA or the Common Reporting Standard, please do not hesitate to contact me.