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Information concerning Tax Matters (United States
America) Order 2013. S.I. No. 33/2013 - Agreement to Improve Tax Compliance and Provide for Reporting and Exchange
Information concerning Tax Matters (United States
America) Order 2013. AmendmentsLeasuithe Download PDF Íoslódáil PDF Notice
the making
this Statutory Instrument was published in “Iris Oifigiúil”
12th February, 2013. WHEREAS it is enacted by section 826 (1B) (as substituted by section 35
the Finance Act 2007 (No. 11
2007))
the Taxes Consolidation Act 1997 (No. 39
1997) that where the Government by order declare that arrangements specified in the order have been made with the government
any territory outside the State in relation to exchanging information for the purposes
the prevention and detection
tax evasion in the case
taxes
any kind or description imposed by the laws
the State or by the laws
that territory, and that it is expedient that those arrangements should have the force
law, and that the order so made is specified in Part 3
Schedule 24A
the Taxes Consolidation Act 1997 , then subject to section 826
that Act, the arrangements shall, notwithstanding any enactment, have the force
law as if such order were an Act
the Oireachtas on and from the date
the insertion
a reference to the order into Part 3
Schedule 24A; AND WHEREAS it is further enacted by section 826
the Taxes Consolidation Act 1997 that where such an order is proposed to be made, a draft
the order shall be laid before Dáil Éireann and the order shall not be made until a resolution approving
the draft has been passed by Dáil Éireann; AND WHEREAS a draft
the following Order has been laid before Dáil Éireann and a resolution approving
the draft has been passed by Dáil Éireann; NOW, the Government, in exercise
the powers conferred on them by section 826 (1B) (as substituted by section 35
the Finance Act 2007 )
the Taxes Consolidation Act 1997 , hereby order as follows: 1. This Order may be cited as the Agreement to Improve Tax Compliance and Provide for Reporting and Exchange
Information concerning Tax Matters (United States
America) Order 2013 2. It is declared that— (a) the arrangements specified in the Agreement, the text
which is set out in the Schedule, have been made with the Government
The United States
America in relation to exchanging information for the purposes
the prevention and detection
tax evasion, and (b) it is expedient that those arrangements should have the force
law. SCHEDULE Agreement Between the Government
Ireland and the Government
the United States
America to Improve International Tax Compliance and to Implement FATCA Whereas, the Government
Ireland and the Government
the United States
America (each, a “Party”) have a longstanding and close relationship with respect to mutual assistance in tax matters and desire to conclude an agreement to improve international tax compliance by further building on that relationship, Whereas, Article 27
the Convention between the Government
Ireland and the Government
the United States
America for the Avoidance
Double Taxation and the Prevention
Fiscal Evasion with Respect to Taxes on Income and Capital Gains, signed at Dublin on July 28, 1997 (“the Convention”), authorizes exchange
information for tax purposes, including on an automatic basis, Whereas, the United States
America enacted provisions commonly known as the Foreign Account Tax Compliance Act (“FATCA”), which introduce a reporting regime for financial institutions with respect to certain accounts, Whereas, the Government
Ireland is supportive
the underlying policy goal
FATCA to improve tax compliance, Whereas, FATCA has raised a number
issues, including that Irish financial institutions may not be able to comply with certain aspects
FATCA due to domestic legal impediments, Whereas, the Government
the United States
America collects information regarding certain accounts maintained by U.S. financial institutions held by residents
Ireland and is committed to exchanging such information with the Government
Ireland and pursuing equivalent levels
exchange, Whereas, the Parties are committed to working together over the longer term towards achieving common reporting and due diligence standards for financial institutions, Whereas, the Government
the United States
America acknowledges the need to coordinate the reporting obligations under FATCA with other U.S. tax reporting obligations
Irish financial institutions to avoid duplicative reporting, Whereas, an intergovernmental approach to FATCA implementation would address legal impediments and reduce burdens for Irish financial institutions, Whereas, the Parties desire to conclude an agreement to improve international tax compliance and provide for the implementation
FATCA based on domestic reporting and reciprocal automatic exchange pursuant to the Convention and subject to the confidentiality and other protections provided for therein, including the provisions limiting the use
the information exchanged under the Convention, Now, therefore, the Parties have agreed as follows: Article 1 Definitions 1. For purposes
this agreement and any annexes thereto (“Agreement”), the following terms shall have the meanings set forth below: a) The term “United States” means the United States
America, including the States thereof, and, when used in a geographical sense, means the territory
the United States
America, including inland waters, the air space, the territorial sea thereof and any maritime area beyond the territorial sea within which the United States may exercise sovereign rights or jurisdiction in accordance with international law; the term, however, does not include the U.S. Territories. Any reference to a “State”
the United States includes the District
Columbia. b) The term “U.S. Territory” means American Samoa, the Commonwealth
the Northern Mariana Islands, Guam, the Commonwealth
Puerto Rico, or the U.S. Virgin Islands.
Ireland which has been or may hereafter be designated, under the laws
Ireland concerning the Exclusive Economic Zone and the Continental Shelf, as an area within which Ireland may exercise such sovereign rights and jurisdiction as are in conformity with international law. e) The term “Partner Jurisdiction” means a jurisdiction that has in effect an agreement with the United States to facilitate the implementation
FATCA. The IRS shall publish a list identifying all Partner Jurisdictions. f) The term “Competent Authority” means:
the United States, the Secretary
the Treasury or his delegate; and
Ireland, the Revenue Commissioners or their authorised representative.
its business, financial assets for the account
others. An entity holds financial assets for the account
others as a substantial portion
its business if the entity’s gross income attributable to the holding
financial assets and related financial services equals or exceeds 20 percent
the entity’s gross income during the shorter
: (i) the three-year period that ends on December 31 (or the final day
a non-calendar year accounting period) prior to the year in which the determination is being made; or (
a banking or similar business. j) The term “Investment Entity” means any entity that conducts as a business (or is managed by an entity that conducts as a business) one or more
the following activities or operations for or on behalf
a customer:
deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading;
other persons. This subparagraph 1j) shall be interpreted in a manner consistent with similar language set forth in the definition
“financial institution” in the Financial Action Task Force Recommendations. k) The term “Specified Insurance Company” means any entity that is an insurance company (or the holding company
an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.
such Financial Institution that are located outside Ireland, and (ii) any branch
a Financial Institution not resident in Ireland, if such branch is located in Ireland.
such Financial Institution that are located outside the Partner Jurisdiction, and (ii) any branch
a Financial Institution not resident in the Partner Jurisdiction, if such branch is located in the Partner Jurisdiction.
such Financial Institution that are located outside the United States, and (ii) any branch
a Financial Institution not resident in the United States, if such branch is located in the United States, provided that the Financial Institution or branch has control, receipt, or custody
income with respect to which information is required to be exchanged under subparagraph 2 b)
this Agreement.
an entity that is a Financial Institution solely because it is an Investment Entity, any equity or debt interest (other than interests that are regularly traded on an established securities market) in the Financial Institution;
a Financial Institution not described in subparagraph 1(s)
the debt or equity interestis determined, directly or indirectly, primarily by reference to assets that give rise to U.S. Source Withholdable Payments, and (ii) the class
interests was established with a purpose
avoiding reporting in accordance with this Agreement; and
Financial Account in Annex II. Notwithstanding the foregoing, the term “Financial Account” does not include any account, product, or arrangement identified as excluded from the definition
Financial Account in Annex II. t) The term “Depository Account” includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate
deposit, thrift certificate, investment certificate, certificate
indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course
a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon. u) The term “Custodial Account” means an account (other than an Insurance Contract or Annuity Contract) for the benefit
another person that holds any financial instrument or contract held for investment (including, but not limited to, a share or stock in a corporation, a note, bond, debenture, or other evidence
indebtedness, a currency or commodity transaction, a credit default swap, a swap based upon a nonfinancial index, a notional principal contract, an Insurance Contract or Annuity Contract, and any option or other derivative instrument). v) The term “Equity Interest” means, in the case
a partnership that is a Financial Institution, either a capital or profits interest in the partnership. In the case
a trust that is a Financial Institution, an Equity Interest is considered to be held by any person treated as a settlor or beneficiary
all or a portion
the trust, or any other natural person exercising ultimate effective control over the trust. A Specified U.S. Person shall be treated as being a beneficiary
a foreign trust if such Specified U.S. Person has the right to receive directly or indirectly (for example, through a nominee) a mandatory distribution or may receive, directly or indirectly, a discretionary distribution from the trust. w) The term “Insurance Contract” means a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence
a specified contingency involving mortality, morbidity, accident, liability, or property risk. x) The term “Annuity Contract” means a contract under which the issuer agrees to make payments for a period
time determined in whole or in part by reference to the life expectancy
one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice
the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term
years.
(i) the amount that the policyholder is entitled to receive upon surrender or termination
the contract (determined without reduction for any surrender charge or policy loan), and (ii) the amount the policyholder can borrow under or with regard to the contract. Notwithstanding the foregoing, the term “Cash Value” does not include an amount payable under an Insurance Contract as:
an economic loss incurred upon the occurrence
the event insured against;
a previously paid premium under an Insurance Contract (other than under a life insurance contract) due to policy cancellation or termination, decrease in risk exposure during the effective period
the Insurance Contract, or arising from a redetermination
the premium due to correction
posting or other similar error; or
the contract or group involved. aa) The term “Preexisting Account” means a Financial Account maintained by a Reporting Financial Institution as
December 31, 2013.
a Depository Account, the account is held by an individual resident in Ireland and more than $10
interest is paid to such account in any given calendar year; or (ii) in the case
a Financial Account other than a Depository Account, the Account Holder is a resident
Ireland, including entities that certify that they are resident in Ireland for tax purposes, with respect to which U.S. source income that is subject to reporting under chapter 3 or chapter 61
subtitle A
the U.S. Internal Revenue Code is paid or credited. dd) The term “U.S. Reportable Account” means a Financial Account maintained by a Reporting Irish Financial Institution and held by one or more Specified U.S. Persons or by a Non-U.S. Entity with one or more Controlling Persons that is a Specified U.S. Person. Notwithstanding the foregoing, an account shall not be treated as a U.S. Reportable Account if such account is not identified as a U.S. Reportable Account after application
the due diligence procedures in Annex I. ee) The term “Account Holder” means the person listed or identified as the holder
a Financial Account by the Financial Institution that maintains the account. A person, other than a Financial Institution, holding a Financial Account for the benefit or account
another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account for purposes
this Agreement, and such other person is treated as holding the account. In the case
a Cash Value Insurance Contract or an Annuity Contract, the Account Holder is any person entitled to access the Cash Value or change the beneficiary
the contract. If no person can access the Cash Value or change the beneficiary, the Account Holders are any person named as the owner in the contract and any person with a vested entitlement to payment under the terms
the contract. Upon the maturity
a Cash Value Insurance Contract or an Annuity Contract, each person entitled to receive a payment under the contract is treated as an Account Holder. ff) The term “U.S. Person” means a U.S. citizen or resident individual, a partnership or corporation organized in the United States or under the laws
the United States or any State thereof, a trust if (i) a court within the United States would have authority under applicable law to render orders or judgments concerning substantially all issues regarding administration
the trust, and (ii) one or more U.S. persons have the authority to control all substantial decisions
the trust, or an estate
a decedent that is a citizen or resident
the United States. This subparagraph 1(
which is regularly traded on one or more established securities markets; (ii) any corporation that is a member
the same expanded affiliated group, as defined in section 1471(e)
the U.S. Internal Revenue Code, as a corporation described in clause (i); (iii) the United States or any wholly owned agency or instrumentality thereof; (iv) any State
the United States, any U.S. Territory, any political subdivision
any
the foregoing, or any wholly owned agency or instrumentality
any one or more
the foregoing; (
the U.S. Internal Revenue Code; (vi) any bank as defined in section 581
the U.S. Internal Revenue Code; (vii) any real estate investment trust as defined in section 856
the U.S. Internal Revenue Code; (viii) any regulated investment company as defined in section 851
the U.S. Internal Revenue Code or any entity registered with the Securities Exchange Commission under the Investment Company Act
1940 (15 U.S.C. 80a-64); (ix) any common trust fund as defined in section 584(a)
the U.S. Internal Revenue Code; (x) any trust that is exempt from tax under section 664(c)
the U.S. Internal Revenue Code or that is described in section 4947(a)
the U.S. Internal Revenue Code; (xi) a dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws
the United States or any State; or (xii) a broker as defined in section 6045(c)
the U.S. Internal Revenue Code.
interest (including any original issue discount), dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, and other fixed or determinable annual or periodical gains, profits, and income, if such payment is from sources within the United States. Notwithstanding the foregoing, a U.S. Source Withholdable Payment does not include any payment that is not treated as a withholdable payment in relevant U.S. Treasury Regulations. kk) An Entity is a “Related Entity”
another Entity if either Entity controls the other Entity, or the two Entities are under common control. For this purpose control includes direct or indirect ownership
more than 50 percent
the vote or value in an Entity. Notwithstanding the foregoing, Ireland may treat an Entity as not a Related Entity
another Entity if the two Entities are not members
the same expanded affiliated group as defined in section 1471(e)
the U.S. Internal Revenue Code.
a trust, such term means the settlor, the trustees, the protector (if any), the beneficiaries or class
beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case
a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term “Controlling Persons” shall be interpreted in a manner consistent with the Recommendations
the Financial Action Task Force. 2. Any term not otherwise defined in this Agreement shall, unless the context otherwise requires or the Competent Authorities agree to a common meaning (as permitted by domestic law), have the meaning that it has at that time under the law
the Party applying the Agreement, any meaning under the applicable tax laws
that Party prevailing over a meaning given to the term under other laws
that Party. Article 2 Obligations to Obtain and Exchange Information with Respect to Reportable Accounts 1. Subject to the provisions
, each Party shall obtain the information specified in paragraph 2
this Article with respect to all Reportable Accounts and shall annually exchange this information with the other Party on an automatic basis pursuant to the provisions
the Convention. 2. The information to be obtained and exchanged is: a) In the case
Ireland with respect to each U.S. Reportable Account
each Reporting Irish Financial Institution:
each Specified U.S. Person that is an Account Holder
such account and, in the case
a Non-U.S. Entity that, after application
the due diligence procedures set forth in Annex I, is identified as having one or more Controlling Persons that is a Specified U.S. Person, the name, address, and U.S. TIN (if any)
such entity and each such Specified U.S. Person;
an account number);
the Reporting Irish Financial Institution;
a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) as
the end
the relevant calendar year or other appropriate reporting period or, if the account was closed during such year, immediately before closure;
any Custodial Account: (A) the total gross amount
interest, the total gross amount
dividends, and the total gross amount
other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during the calendar year or other appropriate reporting period; and (B) the total gross proceeds from the sale or redemption
property paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Irish Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder;
any Depository Account, the total gross amount
interest paid or credited to the account during the calendar year or other appropriate reporting period; and
any account not described in subparagraph
this paragraph, the total gross amount paid or credited to the Account Holder with respect to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Irish Financial Institution is the obligor or debtor, including the aggregate amount
any redemption payments made to the Account Holder during the calendar year or other appropriate reporting period. b) In the case
the United States, with respect to each Irish Reportable Account
each Reporting U.S. Financial Institution:
any person that is a resident
Ireland and is an Account Holder
the account;
an account number);
the Reporting U.S. Financial Institution;
interest paid on a Depository Account;
U.S. source dividends paid or credited to the account; and
other U.S. source income paid or credited to the account, to the extent subject to reporting under chapter 3 or 61
subtitle A
the U.S. Internal Revenue Code. Article 3 Time and Manner
Exchange
Information 1. For purposes
the exchange obligation in Article 2, the amount and characterization
payments made with respect to a U.S. Reportable Account may be determined in accordance with the principles
the tax laws
Ireland, and the amount and characterization
payments made with respect to an Irish Reportable Account may be determined in accordance with principles
U.S. federal income tax law. 2. For purposes
the exchange obligation in Article 2, the information exchanged shall identify the currency in which each relevant amount is denominated. 3. With respect to paragraph 2
, information is to be obtained and exchanged with respect to 2013 and all subsequent years, except that: a) In the case
Ireland:
the United States, the information to be obtained and exchanged with respect to 2013 and subsequent years is all
the information identified in subparagraph b). 4. Notwithstanding paragraph 3
this Article, with respect to each Reportable Account that is a Preexisting Account, and subject to paragraph 4
, the Parties are not required to obtain and include in the exchanged information the Irish TIN or the U.S. TIN, as applicable,
any relevant person if such taxpayer identifying number is not in the records
the Reporting Financial Institution. In such case, the Parties shall obtain and include in the exchanged information the date
birth
the relevant person, if the Reporting Financial Institution has such date
birth in its records. 5. Subject to paragraphs 3 and 4
this Article, the information described in Article 2 shall be exchanged within nine months after the end
the calendar year to which the information relates. Notwithstanding the foregoing, the information that relates to calendar year 2013 shall be exchanged no later than September 30, 2015. 6. The Competent Authorities
Ireland and the United States shall enter into an agreement under the mutual agreement procedure provided for in Article 26
the Convention, which shall:
the information reported under subparagraph 1b)
All information exchanged shall be subject to the confidentiality and other protections provided for in the Convention, including the provisions limiting the use
the information exchanged. Article 4 Application
FATCA to Irish Financial Institutions 1. Treatment
Reporting Irish Financial Institutions. Each Reporting Irish Financial Institution shall be treated as complying with, and not subject to withholding under, section 1471
the U.S. Internal Revenue Code if Ireland complies with its obligations under Articles 2 and 3 with respect to such Reporting Irish Financial Institution, and the Reporting Irish Financial Institution: a) identifies U.S. Reportable Accounts and reports annually to the Irish Competent Authority the information required to be reported in subparagraph 2a)
in the time and manner described in Article 3; b) for each
2015 and 2016, reports annually to the Irish Competent Authority the name
each Nonparticipating Financial Institution to which it has made payments and the aggregate amount
such payments;
section 1441
the U.S. Internal Revenue Code) that has elected to assume primary withholding responsibility under chapter 3
subtitle A
the U.S. Internal Revenue Code, (ii) a foreign partnership that has elected to act as a withholding foreign partnership (for purposes
both sections 1441 and 1471
the U.S. Internal Revenue Code), or (iii) a foreign trust that has elected to act as a withholding foreign trust (for purposes
both sections 1441 and 1471
the U.S. Internal Revenue Code), withholds 30 percent
any U.S. Source Withholdable Payment to any Nonparticipating Financial Institution; and e) in the case
a Reporting Irish Financial Institution that is not described in subparagraph d)
this paragraph and that makes a payment
, or acts as an intermediary with respect to, a U.S. Source Withholdable Payment to any Nonparticipating Financial Institution, the Reporting Irish Financial Institution provides to any immediate payor
such U.S. Source Withholdable Payment the information required for withholding and reporting to occur with respect to such payment. Notwithstanding the foregoing, a Reporting Irish Financial Institution with respect to which the conditions
this paragraph are not satisfied shall not be subject to withholding under section 1471
the U.S. Internal Revenue Code unless such Reporting Irish Financial Institution is identified by the IRS as a Nonparticipating Financial Institution pursuant to subparagraph 2b)
Suspension
Rules Relating to Recalcitrant Accounts. The United States shall not require a Reporting Irish Financial Institution to withhold tax under section 1471 or 1472
the U.S. Internal Revenue Code with respect to an account held by a recalcitrant account holder (as defined in section 1471(d)
the U.S. Internal Revenue Code), or to close such account, if the U.S. Competent Authority receives the information set forth in subparagraph 2a)
, subject to the provisions
3. Specific Treatment
Retirement Plans. The United States shall treat as a deemed-compliant FFI or exempt beneficial owner, as appropriate, for purposes
section 1471
the U.S. Internal Revenue Code Irish retirement plans described and identified in Annex II. For this purpose, an Irish retirement plan includes an entity established or located in and regulated in Ireland, or a predetermined contractual or legal arrangement, operated to provide pension or retirement benefits or earn income for providing such benefits under the laws
Ireland and regulated with respect to contributions, distributions, reporting, sponsorship, and taxation. 4. Identification and Treatment
Other Deemed-Compliant FFIs and Exempt Beneficial Owners. The United States shall treat each Non-Reporting Irish Financial Institution as a deemed-compliant FFI or as an exempt beneficial owner, as appropriate, for purposes
section 1471
the U.S. Internal Revenue Code. 5. Special Rules Regarding Related Entities That Are Nonparticipating Financial Institutions. If an Irish Financial Institution, that otherwise meets the requirements
paragraph 1
this Article or is described in paragraph 3 or 4
this Article, has a Related Entity or branch that operates in a jurisdiction that prevents such Related Entity or branch from fulfilling the requirements
a participating FFI or deemed-compliant FFI for purposes
section 1471
the U.S. Internal Revenue Code, such Irish Financial Institution shall continue to be in compliance with the terms
this Agreement and shall continue to be treated as a deemed-compliant FFI or exempt beneficial owner for purposes
section 1471
the U.S. Internal Revenue Code, provided that: a) the Irish Financial Institution treats each such Related Entity or branch as a separate Nonparticipating Financial Institution for purposes
all the reporting and withholding requirements
this Agreement and each such Related Entity or branch identifies itself to withholding agents as a Nonparticipating Financial Institution; b) each such Related Entity or branch identifies its U.S. accounts and reports the information with respect to those accounts as required under section 1471
the U.S. Internal Revenue Code to the extent permitted under the relevant laws pertaining to the Related Entity or branch; and c) such Related Entity or branch does not specifically solicit U.S. accounts held by persons that are not resident in the jurisdiction where such Related Entity or branch is located or accounts held by Nonparticipating Financial Institutions that are not established in the jurisdiction where such branch or Related Entity is located, and such branch or Related Entity is not used by the Irish Financial Institution or any other Related Entity to circumvent the obligations under this Agreement or under section 1471
the U.S. Internal Revenue Code, as appropriate. Article 5 Collaboration on Compliance and Enforcement 1. Minor and Administrative Errors. Subject to any further terms set forth in a competent authority agreement executed pursuant to paragraph 6
, a Competent Authority can make an inquiry directly to a Reporting Financial Institution in the other jurisdiction where it has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or resulted in other infringements
this Agreement. The competent authority agreement may provide that a Competent Authority shall notify the Competent Authority
the other Party when the first-mentioned Competent Authority makes such an inquiry
a Reporting Financial Institution in the other jurisdiction regarding the Reporting Financial Institution’s compliance with the conditions set forth in this Agreement. 2. Significant Non-compliance. a) A Competent Authority shall notify the Competent Authority
the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other jurisdiction. The Competent Authority
such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice. b) If, in the case
a Reporting Irish Financial Institution, such enforcement actions do not resolve the non-compliance within a period
18 months after notification
significant non-compliance is first provided, the United States shall treat the Reporting Irish Financial Institution as a Nonparticipating Financial Institution. The IRS shall make available a list
all Reporting Irish Financial Institutions and other Partner Jurisdiction Financial Institutions that are treated as Nonparticipating Financial Institutions pursuant to this paragraph. 3. Reliance on Third Party Service Providers. Each Party may allow Reporting Financial Institutions to use third party service providers to fulfill the obligations imposed on them by a Party, as contemplated in this Agreement, but these obligations shall remain the responsibility
the Reporting Financial Institutions. 4. Prevention
Avoidance. The Parties shall implement as necessary requirements to prevent Financial Institutions from adopting practices intended to circumvent the reporting required under this Agreement. Article 6 Mutual Commitment to Continue to Enhance the Effectiveness
Information Exchange and Transparency 1. Reciprocity. The Government
the United States acknowledges the need to achieve equivalent levels
reciprocal automatic information exchange with Ireland. The Government
the United States is committed to further improve transparency and enhance the exchange relationship with Ireland by pursuing the adoption
regulations and advocating and supporting relevant legislation to achieve such equivalent levels
reciprocal automatic exchange. 2. Treatment
Passthru Payments and Gross Proceeds. The Parties are committed to work together, along with other partners, to develop a practical and effective alternative approach to achieve the policy objectives
foreign passthru payment and gross proceeds withholding that minimizes burden. 3. Development
Common Reporting and Exchange Model. The Parties are committed to working with other partners, the Organisation for Economic Co-operation and Development, and the European Union, on adapting the terms
this Agreement to a common model for automatic exchange
information, including the development
reporting and due diligence standards for financial institutions. 4. Documentation
Accounts Maintained as
January 1, 2014. With respect to Reportable Accounts that are Preexisting Accounts maintained by a Reporting Financial Institution: a) The United States commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting U.S. Financial Institutions to obtain and report the Irish TIN
each Account Holder
an Irish Reportable Account as required pursuant to subparagraph 2b)
; and b) Ireland commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting Irish Financial Institutions to obtain the U.S. TIN
each Specified U.S. Person as required pursuant to subparagraph 2a)
. Article 7 Consistency in the Application
FATCA to Partner Jurisdictions 1. Ireland shall be granted the benefit
any more favorable terms under Article 4 or Annex I
this Agreement relating to the application
FATCA to Irish Financial Institutions afforded to another Partner Jurisdiction under a signed bilateral agreement pursuant to which the other Partner Jurisdiction commits to undertake the same obligations as Ireland described in Articles 2 and 3
this Agreement, and subject to the same terms and conditions as described therein and in Articles 5 through 9
the Agreement. 2. The United States shall notify Ireland
any such more favorable terms and shall apply such more favorable terms automatically under this Agreement as if they were specified in this Agreement and effective as
the date
the entry into force
the agreement incorporating the more favorable terms. Article 8 Consultations and Amendments 1. In case any difficulties in the implementation
this Agreement arise, either Party may request consultations to develop appropriate measures to ensure the fulfillment
this Agreement. 2. This Agreement may be amended by written mutual consent
the Parties. Unless otherwise agreed upon, such an amendment shall enter into force through the same procedures as set forth in paragraph 1
. Article 9 Annexes The Annexes form an integral part
this Agreement. Article 10 Term
Agreement 1. The Parties shall notify each other in writing when their necessary internal procedures for entry into force have been completed. The Agreement shall enter into force on the later
January 1, 2013, or the date
the later
such notifications, and shall continue in force until terminated. 2. Either Party may terminate the Agreement by giving notice
termination in writing to the other Party. Such termination shall become effective on the first day
the month following the expiration
a period
12 months after the date
the notice
termination.
December, 2012. FOR THE GOVERNMENT
THE UNITED STATES
AMERICA: FOR THE GOVERNMENT
IRELAND: John Hennessey-Niland Michael Noonan ANNEX I DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING ON U.S. REPORTABLE ACCOUNTS AND ON PAYMENTS TO CERTAIN NONPARTICIPATING FINANCIAL INSTITUTIONS I.General A.Ireland shall require that Reporting Irish Financial Institutions apply the due diligence procedures contained in this Annex I to identify U.S. Reportable Accounts and accounts held by Nonparticipating Financial Institutions. B.For purposes
the Agreement,
an account shall be determined as
the last day
the calendar year or other appropriate reporting period. 3. Where a balance or value threshold is to be determined as
the last day
a calendar year under this Annex I, the relevant balance or value shall be determined as
the last day
the reporting period that ends with or within that calendar year. 4. Subject to paragraph II.E
the date it is identified as such pursuant to the due diligence procedures in this Annex I. 5. Unless otherwise provided, information with respect to a U.S. Reportable Account shall be reported annually in the calendar year following the year to which the information relates. C.As an alternative to the procedures described in each section
this Annex I, Ireland may allow its Reporting Irish Financial Institutions to rely on the procedures described in relevant U.S. Treasury Regulations to establish whether an account is a U.S. Reportable Account or an account held by a Nonparticipating Financial Institution. II.Preexisting Individual Accounts. The following rules and procedures apply for identifying U.S. Reportable Accounts among Preexisting Accounts held by individuals (“Preexisting Individual Accounts”). A.Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the Reporting Irish Financial Institution elects otherwise, where the implementing rules in Ireland provide for such an election, the following accounts are not required to be reviewed, identified, or reported as U.S. Reportable Accounts: 1. Subject to subparagraph E.2
this section, Preexisting Individual Accounts with a balance or value that does not exceed $50,000 as
December 31,
this section, Preexisting Individual Accounts that are Cash Value Insurance Contracts and Annuity Contracts with a balance or value
$250,000 or less as
December 31,
Ireland or the United States effectively prevents the sale
Cash Value Insurance Contracts or Annuity Contracts to U.S. residents, such as if the relevant Financial Institution does not have the required registration under U.S. law, and the law
Ireland requires reporting or withholding with respect to insurance products held by residents
Ireland. 4. Any Depository Account with a balance or value
$50,000 or less. B.Review Procedures for Preexisting Individual Accounts With a Balance or Value as
December 31, 2013, that Exceeds $50,000 ($250,000 for a Cash Value Insurance Contract or Annuity Contract), But Does Not Exceed $1,000,000 (“Lower Value Accounts”) 1. Electronic Record Search. The Reporting Irish Financial Institution must review electronically searchable data maintained by the Reporting Irish Financial Institution for any
the following U.S. indicia: a) Identification
the Account Holder as a U.S. citizen or resident; b) Unambiguous indication
a U.S. place
birth; c) Current U.S. mailing or residence address (including a U.S. post
fice box or U.S. “in-care-
” address);
attorney or signatory authority granted to a person with a U.S. address; or g) An “in-care-
” or “hold mail” address that is the sole address the Reporting Irish Financial Institution has on file for the Account Holder. In the case
a Preexisting Individual Account that is a Lower Value Account, an “in-care-
” address outside the United States shall not be treated as U.S. indicia. 2. If none
the U.S. indicia listed in subparagraph B.1
this section are discovered in the electronic search, then no further action is required until there is a change in circumstances described in subparagraph C.2
this section with respect to the account that results in one or more U.S. indicia being associated with the account. 3. If any
the U.S. indicia in subparagraph B.1
this section are discovered in the electronic search, then the Reporting Irish Financial Institution must treat the account as a U.S. Reportable Account unless it elects to apply subparagraph B.4
this section and one
the exceptions in such subparagraph applies with respect to that account. 4. Notwithstanding a finding
U.S. indicia under subparagraph B.1
this section, a Reporting Irish Financial Institution is not required to treat an account as a U.S. Reportable Account if: a) Where Account Holder information unambiguously indicates a U.S. place
birth, the Reporting Irish Financial Institution obtains or has previously reviewed and maintains a record
the Account Holder’s Certificate
Loss
Nationality
the United States or a reasonable explanation
: (a)the reason the Account Holder does not have such a certificate despite renouncing U.S. citizenship; or (
this Annex I, establishing the Account Holder’s non-U.S. status. d) Where Account Holder information contains a currently effective power
attorney or signatory authority granted to a person with a U.S. address, has an “in care
” address or “hold mail” address that is the sole address identified for the Account Holder, or has one or more U.S. telephone numbers (if a non-U.S. telephone number is also associated with the account), the Reporting Irish Financial Institution obtains or has previously reviewed and maintains a record
this Annex I, establishing the Account Holder’s non-U.S. status. C.Additional Procedures Applicable to Preexisting Individual Accounts That Are Lower Value Accounts 1. Review
Preexisting Individual Accounts that are Lower Value Accounts for U.S. indicia must be completed by December 31, 2015. 2. If there is a change
circumstances with respect to a Preexisting Individual Account that is a Lower Value Account that results in one or more U.S. indicia described in subparagraph B.1
this section being associated with the account, then the Reporting Irish Financial Institution must treat the account as a U.S. Reportable Account unless subparagraph B.4
this section applies. 3. Except for Depository Accounts described in subparagraph A.4
this section, any Preexisting Individual Account that has been identified as a U.S. Reportable Account under this section shall be treated as a U.S. Reportable Account in all subsequent years, unless the Account Holder ceases to be a Specified U.S. Person. D.Enhanced Review Procedures for Preexisting Individual Accounts With a Balance or Value That Exceeds $1,000,000 as
December 31, 2013, or December 31
Any Subsequent Year (“High-Value Accounts”) 1. Electronic Record Search. The Reporting Irish Financial Institution must review electronically searchable data maintained by the Reporting Irish Financial Institution for any
the U.S. indicia identified in subparagraph B.1
this section. 2. Paper Record Search. If the Reporting Irish Financial Institution’s electronically searchable databases include fields for and capture all
the information identified in subparagraph D.3
this section, then no further paper record search is required. If the electronic databases do not capture all
this information, then with respect to High Value Accounts, the Reporting Irish Financial Institution must also review the current customer master file and, to the extent not contained in the current customer master file, the following documents associated with the account and obtained by the Reporting Irish Financial Institution within the last five years for any
the U.S. indicia identified in subparagraph B.1
this section:
attorney or signature authority forms currently in effect; and e) any standing instructions to transfer funds currently in effect. 3. Exception Where Databases Contain Sufficient Information. A Reporting Irish Financial Institution is not required to perform the paper record search described in subparagraph D.2
this section if the Reporting Irish Financial Institution’s electronically searchable information includes the following:
the Reporting Irish Financial Institution or another Financial Institution); e) whether there is a current “in care
” address or “hold mail” address for the Account Holder; and f) whether there is any power
attorney or signatory authority for the account.
Finding U.S. Indicia a) If none
the U.S. indicia listed in subparagraph B.1
this section are discovered in the enhanced review
High Value Accounts described above, and the account is not identified as held by a Specified U.S. Person in subparagraph D.4
this section, then no further action is required until there is a change in circumstances described in subparagraph E.4
this section. b) If any
the U.S. indicia listed in subparagraph B.1
this section are discovered in the enhanced review
High Value Accounts described above, or if there is a subsequent change in circumstances that results in one or more U.S. indicia being associated with the account, then the Reporting Irish Financial Institution must treat the account as a U.S. Reportable Account unless subparagraph B.4
this section applies. c) Except for Depository Accounts described in paragraph A.4
this section, any Preexisting Individual Account that has been identified as a U.S. Reportable Account under this section shall be treated as a U.S. Reportable Account in all subsequent years, unless the Account Holder ceases to be a Specified U.S. Person. E.Additional Procedures Applicable to High Value Accounts 1. If a Preexisting Individual Account is a High Value Account as
December 31, 2013, the Reporting Irish Financial Institution must complete the enhanced review procedures described in paragraph D
this section with respect to such account by December 31,
December 31, 2013, but becomes a High Value Account as
the last day
a subsequent calendar year, the Reporting Irish Financial Institution must complete the enhanced review procedures described in paragraph D
this section with respect to such account within six months after the last day
the calendar year in which the account becomes a High Value Account. If based on this review such account is identified as a U.S. Reportable Account, the Reporting Irish Financial Institution must report the required information about such account with respect to the year in which it is identified as a U.S. Reportable Account and subsequent years on an annual basis. 3. Once a Reporting Irish Financial Institution applies the enhanced review procedures set forth above to a High Value Account, the Reporting Irish Financial Institution shall not be required to re-apply such procedures, other than the relationship manager inquiry in subparagraph D.4
this section, to the same High Value Account in any subsequent year. 4. If there is a change
circumstances with respect to a High Value Account that results in one or more U.S. indicia described in subparagraph B
this section being associated with the account, then the Reporting Irish Financial Institution must treat the account as a U.S. Reportable Account unless subparagraph B.4
this section applies. 5. A Reporting Irish Financial Institution must implement procedures to ensure that a relationship manager identifies any change in circumstances
an account. For example, if a relationship manager is notified that the Account Holder has a new mailing address in the United States, the Reporting Irish Financial Institution shall be required to treat the new address as a change in circumstances and shall be required to obtain the appropriate documentation from the Account Holder. III.New Individual Accounts. The following rules and procedures apply for identifying U.S. Reportable Accounts among accounts held by individuals and opened on or after January 1, 2014 (“New Individual Accounts”). A.Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Irish Financial Institution elects otherwise where the implementing rules in Ireland provide for such an election: 1. A New Individual Account that is a Depository Account is not required to be reviewed, identified, or reported as a U.S. Reportable Account unless the account balance exceeds $50,000 at the end
any calendar year or other appropriate reporting period. 2. A New Individual Account that is a Cash Value Insurance Contract is not required to be reviewed, identified, or reported as a U.S. Reportable Account unless the Cash Value exceeds $50,000 at the end
any calendar year or other appropriate reporting period. B.Other New Individual Accounts. With respect to New Individual Accounts not described in paragraph A
this section, upon account opening (or within 90 days after the end
the calendar year in which the account ceases to be described in paragraph A
this section), the Reporting Irish Financial Institution must obtain a self-certification which may be part
the account opening documentation, that allows the Reporting Irish Financial Institution to determine whether the Account Holder is resident in the United States for tax purposes (for this purpose, a U.S. citizen is considered to be resident in the United States for tax purposes, even if the Account Holder is also a tax resident
another country) and confirm the reasonableness
such self-certification based on the information obtained by the Reporting Irish Financial Institution in connection with the opening
the account, including any documentation collected pursuant to AML/KYC Procedures. C.If the self-certification establishes that the Account Holder is resident in the United States for tax purposes, the Reporting Irish Financial Institution must treat the account as a U.S. Reportable Account and obtain a self-certification that includes the Account Holder’s U.S. TIN (which may be an IRS Form W-9 or other similar agreed form). D.If there is a change
circumstances with respect to a New Individual Account that causes the Reporting Irish Financial Institution to know or have reason to know that the original self-certification is incorrect or unreliable, the Reporting Irish Financial Institution cannot rely on the original self-certification and must obtain a valid self-certification that establishes whether the Account Holder is a U.S. citizen or resident for U.S. tax purposes. If the Reporting Irish Financial Institution is unable to obtain a valid self-certification, the Reporting Irish Financial Institution must treat the account as a U.S. Reportable Account. IV.Preexisting Entity Accounts. The following rules and procedures apply for purposes
identifying U.S. Reportable Accounts and accounts held by a Nonparticipating Financial Institutions among Preexisting Accounts held by entities (“Preexisting Entity Accounts”). A.Entity Accounts Not Required to Be Reviewed, Identified or Reported. Unless the Reporting Irish Financial Institution elects otherwise, where the implementing rules in Ireland provide for such an election, Preexisting Entity Accounts with account balances that do not exceed $250,000 as
December 31, 2013, are not required to be reviewed, identified, or reported as U.S. Reportable Accounts until the account balance exceeds $1,000,000. B.Entity Accounts Subject to Review. Preexisting Entity Accounts that have an account balance or value that exceeds $250,000 as
December 31, 2013, and Preexisting Entity Accounts that initially do not exceed $250,000 but the account balance
which later exceeds $1,000,000 must be reviewed in accordance with the procedures set forth in paragraph D
this section. C.Entity Accounts With Respect to Which Reporting is Required. With respect to Preexisting Entity Accounts described in paragraph B
this section, only accounts that are held by one or more entities that are Specified U.S. Persons, or by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents shall be treated as U.S. Reportable Accounts. In addition, accounts held by Nonparticipating Financial Institutions shall be treated as accounts for which aggregate payments as described in paragraph 1b)
the Agreement are reported to the Irish Competent Authority. D.Review Procedures for Identifying Entity Accounts With Respect to Which Reporting is Required. For Preexisting Entity Accounts described in paragraph B
this section, the Reporting Irish Financial Institution must apply the following review procedures to determine whether the account is held by one or more Specified U.S. Persons, by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents, or by a Nonparticipating Financial Institution: 1. Determine Whether the Entity is a Specified U.S. Person. a) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML/KYC Procedures) to determine whether the information indicates that the entity Account Holder is a U.S. Person. For this purpose, information indicating that the entity is a U.S. Person includes a U.S. place
incorporation or organization, or a U.S. address.
the Agreement. a) Subject to subparagraph b)
this paragraph, if the Account Holder is an Irish Financial Institution or other Partner Jurisdiction Financial Institution, then no further review, identification, or reporting is required with respect to the account. b) An Irish Financial Institution or other Partner Jurisdiction Financial Institution shall be treated as a Nonparticipating Financial Institution if it is identified as such by the IRS as described in paragraph 2
the Agreement. c) If the Account Holder, is not an Irish Financial Institution or other Partner Jurisdiction Financial Institution, then the Reporting Irish Financial Institution must treat the entity as a Nonparticipating Financial Institution payments to which are reportable under paragraph 1(b)
the Agreement, unless the Reporting Irish Financial Institution:
a participating FFI or registered deemed-compliant FFI, verifies the entity’s FATCA identifying number on a published IRS FFI list. 4. Determine Whether an Account Held by an NFFE Is a U.S. Reportable Account. With respect to an Account Holder
a Preexisting Entity Account that is not identified as either a U.S. Person or a Financial Institution, the Reporting Irish Financial Institution must identify (
the Controlling Persons
the entity is a citizen or resident
the United States. In making these determinations the Reporting Irish Financial Institution should follow the guidance in subparagraphs a) through d)
this paragraph in the order most appropriate under the circumstances. a) For purposes
determining the Controlling Persons
an entity, a Reporting Irish Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures. b) For purposes
determining whether the entity is a Passive NFFE, the Reporting Irish Financial Institution must obtain a self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the entity is an Active NFFE. c) For purposes
determining whether a Controlling Person
a Passive NFFE is a citizen or resident
the United States for tax purposes, a Reporting Irish Financial Institution may rely on:
a Preexisting Entity Account held by one or more NFFEs with an account balance that does not exceed $1,000,000; or
a Preexisting Entity Account held by one or more NFFEs with an account balance that exceeds $1,000,000. d) If any Controlling Person
a Passive NFFE is a citizen or resident
the United States, the account shall be treated as a U.S. Reportable Account. E.Timing
Review and Additional Procedures Applicable to Preexisting Entity Accounts 1. Review
Preexisting Entity Accounts with an account balance or value that exceeds $250,000 as
December 31, 2013, must be completed by December 31, 2015. 2. Review
Preexisting Entity Accounts with a balance or value that does not exceed $250,000 as
December 31, 2013, but exceeds $1,000,000 as
December 31
a subsequent year, must be completed within six months after the end
the calendar year in which the account balance exceeds $1,000,000. 3. If there is a change
circumstances with respect to a Preexisting Entity Account that causes the Reporting Irish Financial Institution to know or have reason to know that the self-certification or other documentation associated with an account is incorrect or unreliable, the Reporting Irish Financial Institution must re-determine the status
the account in accordance with the procedures set forth in paragraph D
this section. V.New Entity Accounts. The following rules and procedures apply to accounts held by entities and opened on or after January 1, 2014 (“New Entity Accounts”). A.The Reporting Irish Financial Institution must determine whether the Account Holder is: (
information that is publicly available or in the possession
the Reporting Irish Financial Institution. C.In all other cases, a Reporting Irish Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder’s status.
the United States on the basis
a self-certification from the Account Holder or such person. If any such person is a citizen or resident
the United States, the account shall be treated as a U.S. Reportable Account. 3. If the entity Account Holder is: (
this section, an Irish Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, an exempt beneficial owner, or an excepted FFI, as those terms are defined in relevant U.S. Treasury Regulations; (iv) an Active NFFE; or (v) a Passive NFFE none
the Controlling Persons
which is a U.S. citizen or resident, then the account is not a U.S. Reportable Account and no reporting is required with respect to the account. 4. If the entity Account Holder is a Nonparticipating Financial Institution (including an Irish Financial Institution or other Partner Jurisdiction Financial Institution that is identified by the IRS as a Nonparticipating Financial Institution as described in paragraph 2
the Agreement), then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in paragraph 1b)
the Agreement. VI.Special Rules and Definitions. The following additional rules and definitions apply in implementing the due diligence procedures described above: A.Reliance on Self-Certifications and Documentary Evidence. A Reporting Irish Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Irish Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable. B.Definitions. The following definitions apply for purposes
this Annex I. 1. AML/KYC Procedures. “AML/KYC Procedures” means the customer due diligence procedures
a Reporting Irish Financial Institution pursuant to the anti-money laundering or similar requirements
Ireland to which such Reporting Irish Financial Institution is subject.
the following criteria: a) Less than 50 percent
the NFFE’s gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50 percent
the assets held by the NFFE during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production
passive income; b) The stock
the NFFE is regularly traded on an established securities market or the NFFE is a Related Entity
an Entity the stock
which is traded on an established securities market; c) The NFFE is organized in a U.S. Territory and all
the owners
the payee are bona fide residents
that U.S. Territory; d) The NFFE is a non-U.S. government, a government
a U.S. Territory, an international organization, a non-U.S. central bank
issue, or an Entity wholly owned by one or more
the foregoing; e) Substantially all
the activities
the NFFE consist
holding (in whole or in part) the outstanding stock
, and providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business
a Financial Institution, except that an NFFE shall not qualify for this status if the NFFE functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes; f) The NFFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that
a Financial Institution; provided, that the NFFE shall not qualify for this exception after the date that is 24 months after the date
the initial organization
the NFFE; g) The NFFE was not a Financial Institution in the past five years, and is in the process
liquidating its assets or is reorganizing with the intent to continue or recommence operations in a business other than that
a Financial Institution; h) The NFFE primarily engages in financing and hedging transactions with or for Related Entities that are not Financial Institutions, and does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group
any such Related Entities is primarily engaged in a business other than that
a Financial Institution; or i) The NFFE meets all
the following requirements: i.It is established and maintained in its country
residence exclusively for religious, charitable, scientific, artistic, cultural, or educational purposes; ii.It is exempt from income tax in its country
residence; iii.It has no shareholders or members who have a proprietary or beneficial interest in its income or assets; iv.The applicable laws
the Entity’s country
residence or the Entity’s formation documents do not permit any income or assets
the Entity to be distributed to, or applied for the benefit
, a private person or non-charitable Entity other than pursuant to the conduct
the Entity’s charitable activities, or as payment
reasonable compensation for services rendered, or as payment representing the fair market value
property which the Entity has purchased; and v.The applicable laws
the Entity’s country
residence or the Entity’s formation documents require that, upon the Entity’s liquidation or dissolution, all
its assets be distributed to a governmental Entity or other non-profit organization, or escheat to the government
the Entity’s country
residence or any political subdivision thereof. C.Account Balance Aggregation and Currency Translation Rules 1. Aggregation
Individual Accounts. For purposes
determining the aggregate balance or value
accounts held by an individual, a Reporting Irish Financial Institution shall be required to aggregate all accounts maintained by the Reporting Irish Financial Institution, or Related Entities, but only to the extent that the Reporting Irish Financial Institution’s computerized systems link the accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances to be aggregated. Each holder
a jointly held account shall be attributed the entire balance or value
the jointly held account for purposes
applying the aggregation requirements described in this paragraph. 2. Aggregation
Entity Accounts. For purposes
determining the aggregate balance or value
accounts held by an Entity, a Reporting Irish Financial Institution shall be required to take into account all accounts held by Entities that are maintained by the Reporting Irish Financial Institution, or Related Entities, to the extent that the Reporting Irish Financial Institution’s computerized systems link the accounts by reference to a data element such as client number or taxpayer identification number and allow account balances to be aggregated. 3. Special Aggregation Rule Applicable to Relationship Managers. For purposes
determining the aggregate balance or value
accounts held by a person to determine whether an account is a High Value Account, a Reporting Irish Financial Institution shall also be required, in the case
any accounts that a relationship manager knows or has reason to know are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts. 4. Currency Translation Rule. For purposes
determining the balance or value
accounts denominated in a currency other than the U.S. dollar, a Reporting Irish Financial Institution must convert the dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as
the last day
the calendar year preceding the year in which the Reporting Irish Financial Institution is determining the balance or value. D.Documentary Evidence. For purposes
this Annex I, acceptable documentary evidence includes any
the following: 1. A certificate
residence issued by an appropriate tax
ficial
the country in which the payee claims to be a resident.
ficial documentation issued by an authorized government body (for example, a government or agency thereof, or a municipality) that includes the name
the Entity and either the address
its principal
fice in the country (or U.S. Territory) in which it claims to be a resident or the country (or U.S. Territory) in which the Entity was incorporated or organized. 4. With respect to an account maintained in a jurisdiction with anti-money laundering rules that have been approved by the IRS in connection with a QI agreement (as described in relevant U.S. Treasury Regulations), any
the documents other than a Form W-8 or W-9 referenced in the jurisdiction’s attachment to the QI agreement for identifying individuals or entities. 5. Any financial statement, third-party credit report, bankruptcy filing, or U.S. Securities and Exchange Commission report. ANNEX II NON-REPORTING FINANCIAL INSTITUTIONS AND PRODUCTS General This Annex II may be updated by a mutual agreement entered into between the Competent Authorities
Ireland and the United States:
being used by U.S. Persons to evade U.S. tax and that have similar characteristics to the entities, accounts, and products identified in this Annex II as
the date
entry into force
the Agreement; or
being used by U.S. Persons to evade U.S. tax. Procedures for reaching such a mutual agreement may be included in the mutual agreement described in paragraph 6
the Agreement. I. Exempt Beneficial Owners. The following categories
institutions are Non-Reporting Irish Financial Institutions that are treated as exempt beneficial owners for purposes
section 1471
the U.S. Internal Revenue Code: A. The Irish Government, any political subdivision
the Irish Government or any wholly owned agency or instrumentality
any one or more
the foregoing including:
Ireland as established under The Central Bank and Financial Authority
Ireland Acts 2003 and 2004 together with the Central Bank Reform Act 2010 and the Central Bank Act 1942 . C. International Organisations The
fice in Ireland
any institution
the European Union,
the European Investment Bank, the European Bank for Reconstruction and Development, or
any organisation to which the Diplomatic Relations and Immunities Acts 1967-2006 apply. D. Retirement Funds A pension trust and any other organisation, as referred to in Article 4
the Convention, established in Ireland and maintained exclusively to administer or provide retirement or employee benefits. II. Deemed-Compliant Financial Institutions The following categories
institutions are Non-Reporting Irish Financial Institutions that are treated as deemed-compliant FFIs for purposes
section 1471
the U.S. Internal Revenue Code: A.Non-Profit Organisations • Charitable organisations that qualify for exemption from tax in accordance with section 848A and Schedule 26A
the Taxes Consolidation Act 1997 . • A body established for the promotion
athletic or amateur games or sports that has been granted exemption from tax in accordance with section 235
the Taxes Consolidation Act 1997 by the Revenue Commissioners. B. Financial Institutions with a Local Client Base An Irish Financial Institution that meets all
the following requirements: (a) The Financial Institution must be licensed and regulated under the laws
Ireland; (b) The Financial Institution must have no fixed place
business outside
Ireland; (c) The Financial Institution must not solicit account holders outside
Ireland. For this purpose, a Financial Institution shall not be considered to have solicited account holders outside
Ireland merely because it operates a website, provided that the website does not specifically indicate that the Financial Institution provides accounts or services to non-residents, or otherwise target or solicit U.S. customers; (d) The Financial Institution must be required under the tax laws
Ireland to perform either information reporting or withholding
tax with respect to accounts held by residents
Ireland; (e) At least 98 per cent
the accounts by value provided by the Financial Institution must be held by residents (including residents that are entities)
Ireland or another Member State
the European Union; (
Ireland (including a U.S. Person that was a resident
Ireland when the account was opened but subsequently ceases to be a resident
Ireland), (
Ireland or by an entity, and that is opened prior to the date that the Financial Institution implements the policies and procedures described in subparagraph (
the Financial Institution must be incorporated or organised in Ireland and must meet the requirements set forth in this paragraph; and (j) The Financial Institution must not have policies or practices that discriminate against opening or maintaining accounts for individuals who are Specified U.S. Persons and who are residents
Ireland. C. Certain Collective Investment Vehicles In the case
an Investment Entity that is a collective investment vehicle regulated under the laws
Ireland: a) if all
the interests in the collective investment vehicle (including debt interests in excess
$50,000) are held by or through one or more Financial Institutions that are not Nonparticipating Financial Institutions, such collective investment vehicle will be treated as a deemed-compliant FFI for purposes
section 1471
the U.S. Internal Revenue Code, and the reporting obligations
any Investment Entity (other than a Financial Institution through which interests in the collective investment vehicle are held) will be deemed fulfilled with respect to interests in the collective investment vehicle; or b) if the collective investment vehicle is not described in paragraph a), consistent with paragraph 3
the Agreement, and if the information required to be reported by the collective investment vehicle under the Agreement with respect to interests in the collective investment vehicle is reported by the collective investment vehicle or another Investment Entity, the reporting obligations
all other Investment Entities which have an obligation to report with respect to the interests in the collective investment vehicle will be deemed fulfilled with respect to such interests. III. Exempt Products The following categories
accounts and products established in Ireland and maintained by an Irish Financial Institution shall not be treated as Financial Accounts, and therefore shall not be U.S. Reportable Accounts or accounts held by a Nonparticipating Financial Institution, under the Agreement: A. Certain Retirement Accounts or Products • A Retirement Benefit Scheme, within the meaning
section 771
the Taxes Consolidation Act 1997 , approved by the Revenue Commissioners for the purposes
that Act. • An annuity contract or a trust scheme or part
a trust scheme approved by the Revenue Commissioners under Chapter 2
the Taxes Consolidation Act 1997 . • A PRSA contract in respect
a PRSA product, approved by the Revenue Commissioners under Chapter 2A
the Taxes Consolidation Act 1997 . • An Approved Retirement Fund or an Approved Minimum Retirement Fund provided for under a Retirement Benefit Scheme, an annuity contract or a PRSA as approved under Chapters 1, 2 or 2A
the Taxes Consolidation Act 1997 . • Those Irish approved pension schemes or contracts under Part 30
the Taxes Consolidation Act 1997 or Approved Retirement Funds or Approved Minimum retirement Funds that are excluded from the definition
Financial Account pursuant to Article 1(s)
Financial Account under an agreement between the United States and another Partner Jurisdiction to facilitate the implementation
FATCA, provided that such account or product is subject to the same requirements and oversight under the laws
such other Partner Jurisdiction as if such account or product were established in that Partner Jurisdiction and maintained by a Partner Jurisdiction Financial Institution in that Partner Jurisdiction. B. Certain Other Tax-Favoured Accounts or Products • Save As You Earn Share Option Schemes — approved by the Revenue Commissioners under Chapter 3, Part 17 and Schedule 12A Taxes Consolidation Act 1997 . • Profit Sharing Schemes — approved by the Revenue Commissioners under Chapter 1, Part 17 and Schedule 11 Taxes Consolidation Act 1997 . • Employee Share Ownership Trusts — approved by the Revenue Commissioners under Chapter 2, Part 17 and Schedule 12 Taxes Consolidation Act 1997 . GIVEN under the
ficial Seal
the Government, 5 February 2013. ENDA KENNY, Taoiseach. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government
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