On 5 December 2012 the Minister for Finance, during the course of his Budget 2013 speech, announced that Ireland had concluded an IGA with the US to better facilitate the implementation of FATCA.
The main purpose of the IGA, as announced by the Minister, is to combat international tax evasion by preventing individuals from hiding money outside either Ireland or the US to avoid paying tax.
On 21 December 2012 the IGA was signed. The early conclusion of the IGA should provide some degree of certainty and clarity to Irish financial institutions and assist them in preparing to meet their compliance obligations under FATCA.
On 13 February 2013 the Finance Bill 2013 (the Bill) was published. The Bill contains provisions to import Ireland's IGA into Irish domestic law. The attached briefing gives an overview of Ireland's obligations under the IGA. Regulations on foot of Ireland's IGA are expected to be published later this year.