Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 1/29/2014

Ireland - Reminder of FATCA registration 

January 29: The Irish Revenue Commissioners have confirmed that there will not be a separate Irish registration process for Irish financial institutions pursuant to FATCA*, and that Irish financial institutions will only need to register for a Global Intermediary Identification Number (GIIN) with the IRS.

*The Foreign Account Tax Compliance Act (FATCA) is U.S. law that aims to prevent offshore tax abuses by U.S. persons and affects global financial institutions, investment entities, as well as national banks and other financial organizations, that must report details on their U.S. clients.


All Irish Model I financial institutions need to obtain a GIIN from the IRS, to reduce the risk of withholding agents applying the 30% FATCA withholding tax on certain U.S. sources of income.


The next major milestone in the road to FATCA compliance will be to register online via the IRS portal to obtain a GIIN by 25 April 2014 in order to be included on the first list of approved foreign financial institutions (FFI) to be published by the IRS on 2 June 2014. A revised FFI list will then be published on the first day of each month thereafter.


Read a January 2014 report prepared by the KPMG member firm in Ireland: FATCA Registration - The Time to Act is Now!




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