FATCA | US-Ireland Intergovernmental Agreement update
Published December 2012
As announced in the Minister for Finance’s Budget speech on 5 December 2012, the Ireland–US FATCA Intergovernmental Agreement (‘IGA’) has been concluded. The IGA is not expected to be published until it is signed by both Governments.
Ireland is one of the first countries to conclude an IGA with the US to improve international tax compliance and implement FATCA. The IGA is expected to provide for automatic reporting and exchange of information between the Irish and U.S. tax authorities in relation to financial accounts held in Irish financial institutions by US persons and the reciprocal exchange of information regarding US financial accounts held by Irish residents.
The Ireland–US IGA has been concluded but will not be published until the Agreement has been signed but both Governments. It is anticipated that the Agreement will be signed before the end of 2012. It is intended that the accompanying legislation will be published in the Finance Bill.
Under the Ireland-US IGA, it is expected that Irish institutions will report directly to the Irish Revenue Commissioners rather than reporting to the IRS under the Model IGA. Reporting will more than likely take place through the Revenue Online System (‘ROS’).
Reciprocal country-to-country reporting will then take place between the Revenue and the IRS.
We are available to support you in understanding the application of the IGA to your business. If you have any questions regarding FATCA or the impact of the IGA please contact one of the FATCA team members.