On 2 October, the Irish Revenue Commissioners published Updated Guidance Notes on FATCA, which govern the implementation of the FATCA provisions contained in Ireland’s Intergovernmental Agreement (“IGA”) with the US and the related Final Regulations (S.I. No. 292 of 2014).
The updated Guidance Notes include a number of helpful clarifications and examples, including those highlighted below.
Should you require assistance with meeting your obligations under Ireland’s IGA or other Automatic Exchange of Information (“AEoI”) protocols, please contact Kevin Cohen, Rachel Hewitt or another member of your KPMG team.
Inclusion of additional guidance with respect to the account due diligence, self-certification and documentation requirements, including:
A number of other changes or clarifications were also introduced in relation to account closures, payments made to Non-Participating Financial Institutions, the Central Securities Depository, Transfer Agents, Placing Agents, and the meaning of Regularly Traded on an Established Securities Market.