Following correspondence shared by the Irish Funds Industry Association (the “IFIA”) with the Revenue Commissioners (“Revenue”) in Ireland, the reporting dates applicable under the proposed Return of Values (Investment Undertaking) Regulations 2013 (the “Regulations”), have been confirmed.
In a letter dated 21 January 2013, the IFIA suggested that the date for the filing of the first return under the Regulations be set for 30 September 2013 as opposed to 30 June 2013. Revenue has accepted this suggestion and the 30 September 2013 deadline now means that the industry has sufficient time to implement the processes necessary to comply with the Regulations.
The Regulations currently provide for unit holder’s tax reference numbers to be reported from 1 January 2013. In its letter to Revenue, the IFIA outlined how all firms and funds domiciled in Ireland will be carrying out a documentation review to insure compliance with the introduction of the Foreign Account Tax Compliance Act (FATCA) on 1 January 2014. On this basis, the IFIA suggested that reporting of unit holder’s tax reference numbers commence on 1 January 2014. Revenue has confirmed that this is acceptable.
The IFIA continues to liaise with Revenue on the practical application of the Regulations and we will keep you up-to-date on any developments.