On 30 June 2014, the Irish Revenue Commissioners published the Final Irish Regulations on FATCA.
The updated Guidance Notes include a number of helpful clarifications and examples, including those highlighted below.
The OECD (Organisation for Economic Co-operation and Development) Common Reporting Standard (CRS) is a big step towards a globally coordinated approach to the disclosure of income earned by individuals and organisations. As a measure to counter tax evasion, it builds upon other information sharing l
The IRS released the Final Form W-8BEN-E “Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)”.
The “Foreign Account Tax Compliance Act” was introduced to improve tax compliance and reduce overseas tax evasion by US persons.
The evolving IGAs and final US Regulations provide some welcome practical improvements over previous proposals. Nevertheless, the core challenges of compliance, including the need to review and assess every legal entity and business unit within your organisation, remain.