As FATCA impacts all Irish funds from July 1, 2014, the Irish Fund Industry Association (IFIA) 's FATCA Working Group has been working with the Irish tax authorities (the Revenue Commissioners) in relation to the obligations that FATCA imposes. One of the new requirements from 1 July is the need to confirm the status of investors from a US tax perspective. The Working Group has drafted appropriate self-certification forms for individuals and entities which have been discussed with the Revenue Commissioners. These forms are now available on the IFIA website (or from your contact here at A&L Goodbody).
The Irish Government signed an intergovernmental agreement (IGA) with the US to better facilitate the implementation of FATCA into Irish law on 21 December 2012. In January 2014 the Revenue Commissioners issued revised draft regulations, with a view to implementing the provisions of the IGA , and guidance notes, on how the IGA will be interpreted and dealt with in practice. The regulations are effective from 1 July and the revised guidance notes will issue in the next couple of weeks.