Transcription of FATCA and CRS Entity Classification Guides
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FATCA and CRS Entity Classification Guides
Page 1 of 5 Self-certification is required under the US Foreign Account Tax Compliance Act ( FATCA ) and the OECD* Common Reporting Standard (CRS). While the questions and definitions are similar, there are differences which impact some Entities that need to be carefully considered. As a consequence, definitions require careful attention and self-certification under FATCA and CRS needs to be completed independently. FATCA Entity definitions .. page 1 CRS Entity definitions .. page 4*Organisation for Economic Cooperation and DevelopmentSection A - FATCAFATCA is a legal framework which requires AIB to report details of financial accounts held by US citizens and persons tax resident in the US to the Irish revenue on an annual basis who will then exchange this information with the US tax and CRS Entity Classification GuidesDetailed Entity DescriptionsSection A - FATCA US PersonA US Person means a US citizen or US resident individual, a partnership or corporation organised in the United States or under the laws of the United States or any State thereof, a trust if (i) a court within the
facilitate the implementation of FATCA. Participating Financial Institution Institution is a Financial Institution which has entered into an FFI agreement with the Internal Revenue Service (IRS) under section 1471(b) of the Internal Revenue Code and § 1.1471-4 of the Treasury treated as a participating FFI. Exempt Beneficial Owner
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