Treatment of Reporting Irish Financial Institutions. Each Reporting Irish Financial Institution shall be treated as complying with, and not subject to withholding under, section 1471 of the U.S. Internal Revenue Code if Ireland complies with its obligations under Articles 2 and 3 with respect to such Reporting Irish Financial Institution, and the Reporting Irish Financial Institution: a) identifies U.S. Reportable Accounts and reports annually to the Irish Competent Authority the information required to be reported in subparagraph 2a) of Article 2 in the time and manner described in Article 3; b) for each of 2015 and 2016, reports annually to the Irish Competent Authority the name of each Nonparticipating Financial Institution to which it has made payments and the aggregate amount of such payments; c) complies with the registration requirements applicable to Financial Institutions in Partner Jurisdictions; d) to the extent that a Reporting Irish Financial Institution is (i) acting as a qualified intermediary (for purposes of section 1441 of the U.S. Internal Revenue Code) that has elected to assume primary withholding responsibility under chapter 3 of subtitle A of the U.S. Internal Revenue Code, (ii) a foreign partnership that has elected to act as a withholding foreign partnership (for purposes of both sections 1441 and 1471 of the U.S. Internal Revenue Code), or (iii) a foreign trust that has elected to act as a withholding foreign trust (for purposes of both sections 1441 and 1471 of the U.S. Internal Revenue Code), withholds 30 percent of any U.S. Source Withholdable Payment to any Nonparticipating Financial Institution; and e) in the case of a Reporting Irish Financial Institution that is not described in subparagraph d) of this paragraph and that makes a payment of, or acts as an intermediary with respect to, a U.S. Source Withholdable Payment to any Nonparticipating Financial Institution, the Reporting Irish Financial Institution provides to any immediate payor of such U.S. Source Withholdable Payment the information required for withholding and reporting to occur with respect to such payment. Notwithstanding the foregoing, a Reporting Irish Financial Institution with respect to which the conditions of this paragraph are not satisfied shall not be subject to withholding under section 1471 of the U.S. Internal Revenue Code unless such Reporting Irish Financial Institution is identified by the IRS as a Nonparticipating Financial Institution pursuant to subparagraph 2b) of Article 5.
Appears in 3 contracts
Samples: Agreement Between the Government of Ireland and the Government of the United States of America to Improve International Tax Compliance and to Implement Fatca, Agreement Between the Government of Ireland and the Government of the United States of America to Improve International Tax Compliance and to Implement Fatca, International Tax Compliance Agreement
Treatment of Reporting Irish Financial Institutions. Each Reporting Irish Financial Institution shall be treated as complying with, and not subject to withholding under, section 1471 of the U.S. Internal Revenue Code if Ireland complies with its obligations under Articles 2 and 3 with respect to such Reporting Irish Financial Institution, and the Reporting Irish Financial Institution:
a) identifies U.S. Reportable Accounts and reports annually to the Irish Competent Authority the information required to be reported in subparagraph 2a) of Article 2 in the time and manner described in Article 3;
b) for each of 2015 and 2016, reports annually to the Irish Competent Authority the name of each Nonparticipating Financial Institution to which it has made payments and the aggregate amount of such payments;
c) complies with the registration requirements applicable to Financial Institutions in Partner Jurisdictions;
d) to the extent that a Reporting Irish Financial Institution is (i) acting as a qualified intermediary (for purposes of section 1441 of the U.S. Internal Revenue Code) that has elected to assume primary withholding responsibility under chapter 3 of subtitle A of the U.S. Internal Revenue Code, (ii) a foreign partnership that has elected to act as a withholding foreign partnership (for purposes of both sections 1441 and 1471 of the U.S. Internal Revenue Code), or (iii) a foreign trust that has elected to act as a withholding foreign trust (for purposes of both sections 1441 and 1471 of the U.S. Internal Revenue Code), withholds 30 percent of any U.S. Source Withholdable Payment to any Nonparticipating Financial Institution; and
e) in the case of a Reporting Irish Financial Institution that is not described in subparagraph d) of this paragraph and that makes a payment of, or acts as an intermediary with respect to, a U.S. Source Withholdable Payment to any Nonparticipating Financial Institution, the Reporting Irish Financial Institution provides to any immediate payor of such U.S. Source Withholdable Payment the information required for withholding and reporting to occur with respect to such payment. Notwithstanding the foregoing, a Reporting Irish Financial Institution with respect to which the conditions of this paragraph are not satisfied shall not be subject to withholding under section 1471 of the U.S. Internal Revenue Code unless such Reporting Irish Financial Institution is identified by the IRS as a Nonparticipating Financial Institution pursuant to subparagraph 2b) of Article 5.
Appears in 1 contract
Treatment of Reporting Irish Financial Institutions. Each Reporting Irish Financial Institution shall be treated as complying with, and not subject to withholding with- holding under, section 1471 of the U.S. Internal Revenue Code if Ireland complies com- plies with its obligations under Articles 2 and 3 with respect to such Reporting Irish Financial Institution, and the Reporting Irish Financial Institution:
a) identifies U.S. Reportable Accounts and reports annually to the Irish Competent Authority the information required to be reported in subparagraph sub- paragraph 2a) of Article 2 in the time and manner described in Article 3;
b) for each of 2015 and 2016, reports annually to the Irish Competent Authority the name of each Nonparticipating Financial Institution to which it has made payments and the aggregate amount of such payments;
c) complies with the registration requirements applicable to Financial Institutions in Partner Jurisdictions;
d) to the extent that a Reporting Irish Financial Institution is (i) acting as a qualified intermediary (for purposes of section 1441 of the U.S. Internal Revenue Code) that has elected to assume primary withholding withhold- ing responsibility under chapter 3 of subtitle A of the U.S. Internal Revenue Code, (ii) a foreign partnership that has elected to act as a withholding foreign partnership (for purposes of both sections 1441 and 1471 of the U.S. Internal Revenue Code), or (iii) a foreign trust that has elected to act as a withholding foreign trust (for purposes of both sections 1441 and 1471 of the U.S. Internal Revenue Code), withholds 30 percent of any U.S. Source Withholdable Payment to any Nonparticipating Financial Institution; and
e) in the case of a Reporting Irish Financial Institution that is not described in subparagraph d) of this paragraph and that makes a payment pay- ment of, or acts as an intermediary with respect to, a U.S. Source Withholdable Payment to any Nonparticipating Financial Institution, the Reporting Irish Financial Institution provides to any immediate payor of such U.S. Source Withholdable Payment the information required for withholding and reporting to occur with respect to such payment. Notwithstanding the foregoing, a Reporting Irish Financial Institution with respect to which the conditions of this paragraph are not satisfied shall not be subject to withholding under section 1471 of the U.S. Internal Revenue Code unless such Reporting Irish Financial Institution is identified by the IRS as a Nonparticipating Financial Institution pursuant to subparagraph 2b) of Article 5.
Appears in 1 contract
