While financial institutions await the upcoming release of final rules for implementing the Foreign Account Tax Compliance Act (FATCA), the United States has signed another Intergovernmental Agreement (IGA) to facilitate the introduction of the legislation. The agreement adds to Section II (Deemed-Compliant Financial Institutions) of Annex II of the IGA new subsections “D” and “E” to include additional businesses as Irish Non-Reporting Financial Institutions (FIs) treated as compliant IFCs within the meaning of Section 1471 of the Internal Income Code. The U.S. Treasury and the IRS issue regular updates announcing jurisdictions with an IGA in effect through listing on the Treasury and IRS websites. This list also includes jurisdictions that have concluded substantial agreements with the United States on the terms of the IGA and have agreed to be included on the site, although these agreements have not been signed. The most recent consolidated list of countries in which ISIs have been signed so far and which are currently under negotiation can be found on the left in this article. Irish Finance Commissioners have published an update of Annex II to the Intergovernmental Agreement between Ireland and the United States (IGA). Irish Revenue confirmed that they were aware of the problems caused by this inconsistency within the IGA and the impact on some financial institutions and indicated that they were in discussions with the IRS with a view to concluding a bilateral agreement to ensure that Ireland has the same provisions as subsequent IGIs. One of the reasons for the delay in publishing the CAA was the U.S. government shutdown, which took place earlier this year. Of the ten jurisdictions cited, with the exception of Ireland, only the United Kingdom has also modified its IGAs to ensure that its sponsored companies have “compliant” status. www.revenue.ie/en/companies-and-charities/documents/aeoi/ireland-usa-caa.pdf When the U.S.
Treasury began signing IGAs in 2012 with FATCA implementation guidelines, some of the early adopters signed a version of the agreement that did not address certain FATCA definitions, such as.B Sponsored Entities. Ireland was, along with Denmark, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and the United Kingdom, one of those early adopters. . . .