Foreign Account Tax Compliance Act (FATCA) and
Common Reporting Standard (CRS)
What are the tax reporting requirements
Financial institutions in Ireland are required under legislation which incorporates the US Foreign Account Tax Compliance Act (FATCA) and the Organisation for Economic Cooperation and Development (OECD) Common Reporting Standard (CRS) into Irish law to seek answers to certain questions for purposes of identifying accounts that are reportable to Revenue for onward transmission to tax authorities in relevant jurisdiction(s).
How does this affect your business?
Financial institutions in Ireland, such as AIB, are required to seek answers to questions regarding tax residency. If customers do not provide all of the information requested, we may not be able to proceed with opening the new account until the relevant information is provided and we may be obliged to include the account(s) details in the annual FATCA and CRS returns to Revenue.
Please note that AIB is unable to offer taxation advice. For tax related questions and/or further information please contact your professional tax advisor or Revenue on http://www.revenue.ie/en/business/aeoi/index.html