Ireland

Details

  • Industry: Financial Services, Aviation Finance & Leasing, Banking & Finance, Insurance, Investment Management
  • Type: Business and industry issue, KPMG information
  • Date: 01/07/2014

FATCA: Final Irish regulations signed into law 

Final Irish regulations on FATCA signed into law

On 30 June 2014, the Irish Revenue Commissioners published the Final Irish Regulations on FATCA (PDF, 179KB), which govern the FATCA compliance of Irish tax resident entities, as provided for in S. 891E of the Taxes Consolidation Act 1997.

The Final Regulations contain a number of clarifications and additional matters, including:

 

  • Specifying the Regulations come into operation on 1 July 2014
  • Incorporating two new Foreign Financial Institution (“FFI”) categories for (i) Relevant Holding Companies; and (ii) Relevant Treasury Companies  
  • Confirming Reporting Irish Financial Institutions have until 31 December 2014 to register for a Global Intermediary Identification Number (“GIIN”) with the IRS
  • Confirming FATCA annual return date to the Irish Revenue Commissioners is 30 June

Further information

Further analysis of the Final Irish Regulations for implementing FATCA will follow.

 

See our dedicated FATCA page for an introduction to, and information on, the foreign account tax compliance act.

 

Should you require assistance with meeting your FATCA obligations under Ireland’s IGA, please contact Kevin Cohen, Rachel Hewitt or another member of your KPMG team.

 

FATCA contacts

Kevin Cohen, FATCA partner

Kevin Cohen

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Partner - FATCA 

kevin.cohen@kpmg.ie
+353 1 410 2369

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Rachel Hewitt

Rachel Hewitt
Manager, Tax  

rachel.hewitt@kpmg.ie

+353 1 700 4392

FATCA & its impact on your business

The Foreign Account Tax Compliance Act (“FATCA”) requires Foreign Financial Institutions (“FFIs”) to register and report information on accounts held by US persons and certain US controlled foreign entities.  Failure to comply will result in a 30% withholding tax penalty on certain US sources of income beginning 1 July 2014.

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