Background

Sarsfield Credit Union Ltd., in common with other financial institutions is required to verify your tax residency for the purposes of the Common Reporting Standard (CRS).

The CRS is provided for by Section 891F of the Taxes Consolidation Act 1997 and was established to enable an automatic exchange of financial account information between countries and came into effect in the Republic of Ireland on 1^st January 2016.

The CRS is a co-ordinated global approach to the disclosure of financial account information in respect of individuals and organisations to combat tax avoidance. The CRS requires financial institutions, including Sarsfield Credit Union, to identify accounts which are held directly or indirectly by persons who are resident for tax purposes in countries or territories other than the Republic of Ireland.

Financial institutions in the Republic of Ireland must report certain financial account information in relation to such account holders to the Revenue Commissioners, who automatically exchange that information with tax authorities in other jurisdictions annually.

The information to be provided to the Revenue Commissioners includes name, address, Tax Identification Number (TIN), account number, account balance and payments on the account. Such information will always be treated with the strictest confidentiality as required by the Data Protection Acts 1988 & 2003 and only data that is legally required to be reported will be provided to the Revenue Commissioners.

What do our Members need to do?

Members are required to provide CRS related information in the following circumstances:

• As part of the account opening process when joining the credit Union as a new member you will be asked to confirm your tax residency;

• If you are an existing member and we do not hold the required information for you; or

• If you are an existing member and there is a change of circumstances on your account which may indicate a change in your status for CRS reporting purposes such as:
• A change of address from an address in the Republic of Ireland to an address in a CRS reportable jurisdiction (and vice versa); or
• A change of address from a non-Republic of Ireland address to an address in a CRS reportable jurisdiction.
• A change of telephone number to a non-Republic of Ireland number.

You may be requested to provide CRS information on more than one occasion.

It is important that you respond to all requests for CRS information even if you believe you have already provided it.

If you are currently living outside the Republic of Ireland and are no longer considered Tax Resident in Ireland, please complete the below form and return it either securely via your online registered members service area (if you are a registered member) or you can contact us directly at +353 61 317910 or at happytohelp@sarsfieldcu.ie.

Additional Information:

For more information on the CRS:

Please contact Revenue at aeoi@revenue.ie or

Visit the OECD’s webpage Automatic Exchange - Organisation for Economic Co-operation and Development