Irish Revenue outlines FATCA treatment of holding companies and treasury companies

Irish Revenue on June 17 released guidance on the treatment of holding companies and treasury companies for purposes of FATCA reporting, in light of updated US IRS guidance on the topic.

The goverment clarified that a holding company or treasury company will not be considered a financial institution unless it is also also a custodial institution, a depository institution, an investment entity, or a specified insurance company.

The release provides transition rules to deal with the change and states that regulations and a guidance note will be amended to reflect the changes.

See:

• Revenue eBrief No. 57/15

Related MNE Tax articles:

• Ireland publishes rules implementing FATCA