Taxes Consolidation Act 1997 section 891F

Returns of certain information by financial institutions

Section 891F provides the legal basis for Ireland's implementation of the Common Reporting Standard, requiring financial institutions to collect and report information on financial accounts held by non-residents, and extending these obligations to crypto-asset service providers.

• Financial institutions must identify, collect and report information on accounts held by persons who are tax-resident in other jurisdictions, in accordance with the OECD Standard for Automatic Exchange of Financial Account Information and, from Finance Act 2025, the Crypto-Asset Reporting Framework.
• Revenue may make detailed regulations specifying what information must be reported, how accounts are identified, how records are kept, and how compliance is monitored, with all regulations subject to Dáil approval within 21 sitting days.
• Penalties apply for failure to make returns, making incorrect or incomplete returns, or failing to comply with Revenue requirements, with specific rules determining who bears liability where the reporting institution is a trust or partnership.
• An anti-avoidance provision ensures that any arrangement entered into mainly to circumvent these obligations is treated as if it had not been made.