Taxes Consolidation Act 1997 section 891G

Implementation of Council Directive 2014/107/EU of 9 December 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation

Section 891G provides for the collection and reporting of financial account information held by non-residents in Ireland, implementing EU rules on the mandatory automatic exchange of such information between tax authorities.

• Revenue may make regulations requiring financial institutions to identify and report details of accounts held by persons who are tax-resident in other jurisdictions, following the OECD Common Reporting Standard as incorporated into EU law.
• Regulations must be laid before the Dáil for approval; if annulled within 21 sitting days they cease to have effect, but anything done under them before annulment remains valid.
• Authorised Revenue officers may enter a financial institution's premises to verify that returns are correct and complete and that proper compliance procedures are in place.
• Penalties apply for failure to make returns, for making incorrect or incomplete returns, and for non-compliance with any requirement of a Revenue officer or of the regulations; where the reporting institution is a trust or partnership, the penalty falls on a specified liable person.