• Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 4/11/2014

Ireland - FATCA implications for non-financial foreign entities 

April 11: The FATCA* obligations outlined in the intergovernmental agreement (IGA) signed by Ireland with respect to registration, due diligence, reporting, etc., only extend to Irish entities that are classified as “financial institutions” under Ireland’s IGA.

*FATCA is U.S. legislation, the Foreign Account Tax Compliance Act.

If an Irish entity is not classified as a financial institution, it will mostly likely be a “non-financial foreign entity” and generally would not have any FATCA registration or reporting obligations.

Still, prudent non-financial foreign entities would review and consider the risks associated with FATCA.

Read an April 2014 report [PDF 180 KB] prepared by the KPMG member firm in Ireland: Implications and Insights for Non-Financial Foreign Entities

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