Ireland is one of the early adopters of the OECD Common Reporting Standard (CRS) for the automatic exchange of tax information, and Irish implementing legislation is in effect since 1 January 2016. The first CRS annual reporting by financial institutions/Irish Section 110 companies, relates to the 2016 calendar year and the returns will need to be filed by end-June 2017. I am sharing here some personal thoughts on the impact of CRS on Irish Section 110 SPVs from a corporate services provider perspective; please consult with a tax advisor for formal guidance.
The CRS framework is broadly similar to the recently implemented reporting requirements of the US Foreign Account Tax Compliance Act (FATCA), with some notable differences:
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AuthorKieran Desmond Archives
December 2017
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