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Irish Revenue confirm extension of DAC2 / CRS filing date to 4 September 2017

2 August 2017

Under the Common Reporting Standard (CRS) Irish Financial Institutions (FIs) are required to submit annual returns with respect to the Year ended 2016. CRS reporting was originally due to be filed electronically with the Irish Revenue via the Revenue On-Line System (ROS) by 30 June 2017.

Due to an issue identified with the DAC2/CRS Validation Module, provided by the European Commission, Revenue had provided a CRS deadline extension (to 18 August 2017) due to the need to temporarily suspend the ability to file a DAC2/CRS return and withdrawing the DAC2/CRS Validator tool until the necessary updates were complete.

Revenue have now confirmed that FIs can now file their CRS returns and the offline Validator tool has also been made available. Also, they have formally announced a further extension to 4 September 2017 in view of the delay in the provision of the required validation module by the EU Commission.

Revenue have prepared comprehensive Filing Guidelines for CRS that detail the filing process from registration of the Financial Institution as a reporting entity under CRS through to completion and filing of the returns, including detail on the new filing facility for submitting ‘nil’ returns via the Revenue On-Line System (ROS).

Please note, for CRS filing, step by step instructions have been included in the Filing Guidelines for the on-line form, where FIs/Agents can manually input reportable accounts and generate a CRS xml file for submission to Revenue – Please refer to sections 3.3 and 4.3 of the Filing Guidelines for DAC2 CRS.

As registration for reporting entities is new for 2017, it is important that FIs/Agents initiate this process as soon as possible – Section 1.1 of the Filing Guidelines manual details the process.

All members are reminded that if you are filing CRS reports for an entity that is not registered with Revenue and therefore currently has no access to ROS, the registration process should be commenced as soon as possible.

For additional information on CRS, please refer to the Irish Revenue AEOI Portal and the OECD website:

www.revenue.ie/en/business/aeoi/index.html
www.oecd.org/tax/automatic-exchange/

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