Taxes Consolidation Act 1997 section 898P

Arrangements with dependent and associated territories of Member States

Section 898P provides for the application of the EU Savings Directive to dependent and associated territories of Member States, and for the implementation of equivalent agreements with five third countries (Andorra, Liechtenstein, Monaco, San Marino and Switzerland).

• The chapter applies to arrangements with dependent or associated territories of Member States concerning the automatic exchange of information or the application of a withholding tax on savings income.
• Agreements between the EU and each of Andorra, Liechtenstein, Monaco, San Marino and Switzerland provide for equivalent measures, principally a withholding tax on interest payments to EU-resident individuals, with exchange of information on request in cases of tax fraud.
• Irish law gives effect to the exchange of information provisions in those agreements, and provides a credit or refund for withholding tax deducted from interest payments to Irish-resident individuals.
• The Revenue Commissioners may make regulations to supplement these arrangements, and the voluntary disclosure provisions of section 898L apply in the case of Andorra.