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Exchange of information

  1. Overview
  2. What is Automatic Exchange of Information (AEOI)?
  3. What is the Foreign Account Tax Compliance Act (FATCA)?
  4. What is the Common Reporting Standard (CRS)?
  5. What types of financial institution report to Revenue under FATCA and CRS?
  6. What information is reported to Revenue under FATCA and CRS?
  7. What is the Directive on Administrative Co-operation (DAC)?
  8. What does FATCA and CRS mean for an Account Holder?

What is the Directive on Administrative Co-operation (DAC)?

The DAC directs all European Union (EU) member states to share certain information for taxable periods starting on or after 1 January 2014. The information exchanged is in relation to residents of other member states and includes:

  • employment income
  • directors fees
  • life insurance products (not covered by other directives)
  • pensions
  • ownership and income from immovable property.

The DAC was transposed into Irish legislation in December 2013 (S.I. No. 549 of 2012). The DAC was amended in 2014 and the amended version of the Directive (DAC2) was implemented in Ireland by Finance Act 2015 and S.I. No. 609 of 2015. This amendment allows for the Common Reporting Standard (CRS) to be imported from EU legislation. See Ireland’s published list of participating jurisdictions for DAC2.

 

Next: What does FATCA and CRS mean for an Account Holder?

Published: 09 August 2022 Print this page

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