Financial Services Ireland

FATCA and the common reporting standard

FATCA, CRS and QI News for Irish Financial Institutions – August 2018

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In the months of July and August, significant developments have taken place in the Customer Tax Transparency area, with Irish Revenue communicating the importance of readiness for compliance enforcement regarding the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), notices issued by the Internal Revenue Service (IRS) concerning FATCA registration, certifications, compliance and deadlines for US Qualified Intermediaries being published.

Transparency continues to evolve at high speed from a tax and regulatory perspective.  In an effort to ease the burden of tracking these significant developments, we will be initiating a newsletter on a monthly basis via our Thought Gallery website.

This, our first edition of the monthly Customer Transparency Newsletter, is focused on highlighting the key deadlines and the action required to be taken by Financial Institutions (FIs).

The key deadline to highlight is corresponding to Saturday 1 September 2018 in relation to:

  • Selecting the period for the certification review year in the IRS Application and Account Management System.
  • The certification due date for, US Qualified Intermediaries (QIs), Withholding Foreign Partnerships (WP) and Withholding Foreign Trusts (WT) selecting 2015 or 2016 as review year as well as applying for a waiver of the periodic review, the waiver application submission.

Also important is updating your classification to the expanded IRS entity types to avoid unnecessary certification requests.

To learn more about what you need to do to be ready on time for the upcoming compliance requirements, please click on the box below to read our article in full. Please continue to refer back to our website for future editions of the Customer Tax Transparency Newsletter.

Amanda Murphy

FS Partner, Business Tax Advisory
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