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Monday 19 March 2018

Deal lets banks release data on US citizens

IRELAND has signed an agreement with the United States to make it easier for Irish banks to hand over information on the financial affairs of US nationals living here, Finance Minister Michael Noonan said.

The agreement enables Irish banks to obey the rules imposed by US tax authorities under the Foreign Account Tax Compliance Act or FATCA.

Several European countries have reached side deals with the Washington authorities to reduce the onerous conditions imposed by the US legislation which aims to force citizens living anywhere in the world to pay US taxes.

France, Germany, Italy, Spain, the United Kingdom, Switzerland and Japan have all reached agreements in recent months.

Irish Independent Supplement

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