FATCA Guidance: On 7 February 2014, Irish Revenue published updated draft guidance notes, superseding the previous notes issued in May 2013.
The updated draft Guidance was issued in connection with the terms of the intergovernmental agreement that Ireland entered into with the United States on 21 December 2012 (“Irish IGA”) which provides for the automatic reporting and exchange of information on an annual basis in relation to accounts held in Irish Financial Institutions by U.S. persons, and the reciprocal exchange of information regarding U.S. financial accounts held by Irish residents. The updated draft Guidance issued this month supersedes the previous draft Guidance Notes issued in May 2013.
Provided Irish resident financial institutions (including subsidiaries and branches of non-resident financial institutions that are located in Ireland) comply with Irish Regulations, when effective, they will not be subject to FATCA withholding tax under the US Internal Revenue Code.
This tax alert identifies certain additions and key changes from the previous draft Irish Guidance issued by Revenue in May 2013. Revenue will accept observations and comments on this updated FATCA Guidance draft document up to Friday the 21st May 2014
Please see our latest alert below, which focuses on the main areas of the revised guidance. If you have any queries on this or any aspect of FATCA, please do not hesitate to contact Amanda Stone, FATCA Lead for Ireland, or your usual FATCA contact
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