Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a644159

Ireland in landmark Fatca agreement with US

by Emma Dunkley on Dec 07, 2012 at 12:23

Ireland in landmark Fatca agreement with US

Ireland is one of the first countries to form a new inter-governmental agreement with the US on the Foreign Account Tax Compliance Act (Fatca).

The country’s finance minister Michael Noonan confirmed this week that the negotiations with the US have been concluded.

‘Our policies in relation to tax co-operation and international exchange of tax information have always earned international respect.

‘Reaching such an early agreement with the United States will be of benefit to Irish business.’

Ken Owens, former chair of the Irish Funds Industry Association (IFIA), said the move means Irish financial institutions can now avoid the need to enter an agreement with the IRS and instead report directly to the Irish Revenue authorities.

‘The main benefit for Irish financial institutions is the ability to avoid US withholding tax by virtue of the fact that Ireland has signed up to this Inter-governmental Agreement, and this is a really significant coup,’ said Owens.

‘This gives the Irish financial services industry a huge competitive advantage over other countries which may not be able to reach the same agreement with the US because of banking secrecy laws.’

According to the IFIA, Ireland attracted twice as much in new Ucits monies as the rest of Europe put together in 2011.

1 comment so far. Why not have your say?

Imabroad via mobile

Dec 07, 2012 at 19:01

Lemmings

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet