The Revenue Commissioners have confirmed a change in their position on the implementation of the Irish investor reporting requirements contained in Section 891B of the Taxes Consolidation Act.
The Revenue is no longer proposing to include historic reporting or the aggregate reporting of all payments made to each Irish resident investor. This was originally required under draft Regulations but following submissions from the industry and engagement with Revenue highlighting the administrative burden and system development costs such reporting would have imposed on the funds industry, Revenue have agreed to change the proposals.
Approval from the Department of Finance will now be sought by Revenue to amend the relevant primary legislation through the Finance Bill to facilitate the annual reporting of investment values (rather than payments). In addition, Revenue will not now avail of the scope provided for under the legislation to request reporting of historic payment information which was provided for under the legislation.
Revenue will issue revised Regulations for consultation before the reporting requirements under Section 891B can be applied to the funds industry. The revised Section 891B requirements may be amended so that they may be aligned with any system changes developed for the US FATCA requirements.