First Irish CRS Reporting Deadline 30 June 2017

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First Irish CRS Reporting Deadline 30 June 2017

Are you ready?

The Common Reporting Standard (CRS) has relevance for Irish custodians, depositories, investment entities (certain funds, securitisations and trusts), and certain insurance companies.

Where an entity falls within the definition of a Reporting Financial Institution (“RFI”) under the Irish CRS regulations, it should have already commenced the process of carrying out the required internal due diligence and updating of its systems in preparation for its first CRS reporting deadline of 30 June 2017.

Obligations of entities under the Irish CRS regulations

Where an entity falls within the definition of a Reporting Financial Institution (“RFI”) under the Irish CRS regulations, it should have already commenced the process of carrying out the required internal due diligence and updating of its systems in preparation for its first CRS reporting deadline of 30 June 2017.

Failure to submit a full and complete report to Revenue by the due date of 30 June 2017 could mean that not only will the entity be liable to an initial penalty of €19,045 but also a further penalty of €2,535 each day the failure continues. You would also be non – compliant with Irish tax rules, given that CRS is now enshrined in Irish legislation.

It is expected that all RFI’s have by now completed their CRS classification exercise and made themselves aware of their obligations with respect to same. Therefore, if you are still unsure of your obligations with respect to CRS, it is important that you establish the relevance of this legislation to your business as soon as possible.

How we can help

If you would like further information on CRS in addition to details as to how Deloitte can assist you in identifying or fulfilling your obligations with respect to same, please do not hesitate to contact a member of the CRS team as soon as possible. Further information on CRS is also available on our website.

We would also like to remind you of the Foreign Account Tax Compliance Act (FATCA) reporting deadline of 30 June 2017

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