Dáil Éireann Debate, Thursday - 7 May 2015
24. Deputy Thomas P. Broughan asked the Minister for Finance if he will provide an update on the preparation for the review by the European Parliament's tax committee; if he will provide an update on the current status of Ireland with regard to the Foreign Account Tax Compliance Act, and what this means for Ireland; and if he will make a statement on the matter. [17376/15]
Amharc ar fhreagraThe European Parliament has decided to establish a special committee on tax rulings and other measures similar in nature and effect. The European Parliament Special Committee on Tax Rulings (TAXE) has six months in which to complete its work. As part of the parliamentary activities that have been scheduled for this purpose, the coordinators of the political groups in the TAXE Committee decided to conduct fact-finding missions to several Member States. These fact-finding missions are designed to take place in full cooperation with the national authorities, and TAXE members wish to hold constructive and forward-looking dialogues with the relevant bodies. As outlined in our policy documents "Ireland's International Tax Strategy" (2013) and the "Road Map for Ireland's Tax Competitiveness" (2014), Ireland is fully committed to transparency in international tax matters and to that end we will assist the European Parliament in their important work.
Section 891E of the Taxes Consolidation Act 1997, introduced in Finance Act 2013, provides for the implementation of the agreement between the Governments of Ireland and the United States of America on the operation of the Foreign Account Tax Compliance Act (FATCA).
The related Financial Accounts Reporting (United States of America) Regulations 2014 came into effect on 1st July 2014. These regulations require financial institutions in the State to make a return of information with regard to accounts held for the benefit of citizens or residents of the United States not later than 30th June 2015. I am further advised that the Revenue Commissioners have agreed protocols with the IRS for the exchange of this information and that the first such exchanges of information will take place in September of this year.
Our participation in FATCA, together with our participation in other programmes for the automatic exchange of financial account information developed by the EU and the OECD, serves to demonstrate Ireland's commitment to openness and transparency in tax matters and to playing our part in combatting tax evasion worldwide. By participating in these exchanges of information the Revenue Commissioners will receive information on financial accounts held abroad by tax residents of this State which will be of value to them in combatting tax evasion.
