Exchange of information
What information is reported to Revenue under FATCA and CRS?
In general, financial institutions must report the following information to Revenue:
- the account holder's name, address and Tax Identification Number (TIN) or Personal Public Service Number (PPSN)
- jurisdiction of tax residence
- date and place of birth
- the controlling persons (in the case of an entity)
- the name and identifying number of the financial institution
- the gross amount of interest paid on a deposit account
- the gross amount of dividends paid or credited to the account
- the gross amount of interest (including interest and dividends) paid into the account
- the gross amount made from the sale of an asset held in the account
- the account balance on the reporting date
- the closure of the account (if it has been closed during the reporting period).
How is my information collected?
For new accounts, a financial institution will collect your information on a self-certification. For Foreign Account Tax Compliance Act (FATCA), a new account is an account opened since 1 July 2014. For the Common Reporting Standard (CRS), a new account is an account opened since 1 January 2016. The financial institution must then check the reasonableness of the information provided on the self-certification.
Does this include older accounts?
For accounts opened before 1 January 2016 (CRS), and before 1 July 2014 (FATCA), financial institutions must examine your records for indicators of non-residence. These include:
- a foreign address
- a foreign telephone number
- transfer instructions to a foreign bank account
- power of attorney with a foreign person
- a foreign place of birth.
Once exchanged, how is my information used?
Your information is only used for tax purposes and the legal basis for exchange will set out the restrictions on usage. Revenue authorities who receive the information must ensure that your details remain confidential.
Next: What is the Directive on Administrative Co-operation (DAC)?