Customer Information Notice
What is tax information reporting?
Pursuant to Sections 891E, 891F and 891G of the Taxes Consolidation Act 1997 (as amended) and regulations made pursuant to those sections (which incorporate the US Foreign Account Tax Compliance Act (FATCA) and the OECD Common Reporting Standard (CRS) requirements into Irish law) financial institutions in Ireland are required identify and confirm the tax residence status of their customers. Financial Institutions are also obliged to report this information to the Irish Revenue Commissioners for onward transmission to the tax authorities in relevant jurisdictions. How does tax information reporting effect you?
From 1 January 2016 Danske Bank, in addition to the existing requirement to seek answers to questions regarding tax residency from a US Tax perspective under FATCA, Danske Bank will be required to identify and confirm the tax residency of all customers.
In order to capture this information for new accounts, customers will be required to fill out a self certification form prior to account opening. These Self Certification forms will capture the following information;
- tax residency status
- Tax Identification Number (TIN)
- entity status under the relevant legislation and
- where relevant, details of certain controlling persons
which may be required to be reported to the Revenue Commissioners (together with the account number, balance of funds in the account and potentially certain amounts paid to the account).
If you do not provide all of the information requested, we may not be able to proceed with opening a new account until this information is provided and we may be obliged to report the relevant account details to the Revenue Commissioners. How does tax information reporting affect existing accounts?
Financial Institutions are also required to review their existing customers, to ensure that they are correctly identified and where required, report relevant accounts to the Revenue Commissioners. If you are an existing Danske Bank customer, with existing accounts, you may as a result of this review, be requested to complete a Self Certification form, so we can apply the right CRS/FATCA classification to your account(s). Where can I get more information about CRS/FATCA?
General FATCA FAQ’s are available on the IRS web site:https://www.irs.gov/Businesses/Corporations/Frequently-Asked-Questions-FAQs-FATCA--Compliance-Legal
General information on automatic exchange of tax information is available on the Irish revenue website: http://www.revenue.ie/en/companies-and-charities/international-tax/aeoi/index.aspx
Current list of countries that intend to adopt:http://www.oecd.org/tax/exchange-of-tax-information/MCAA-Signatories.pdf Self Certification Forms and Guidance Notes:
Disclaimer: Please note that Danske Bank does not provide tax advice and will not be liable for any errors contained in the self-certification forms. If you have any questions about FATCA/CRS you should contact your tax advisor or the Irish Revenue Commissioners.