The Revenue Commissioners have confirmed that there will not be a separate Irish registration process for Irish financial institutions pursuant to FATCA, and that Irish financial institutions will only need to register for a Global Intermediary Identification Number (GIIN) with the IRS.
All Irish Model I financial institutions need to obtain a GIIN from the IRS, to reduce the risk of withholding agents applying the 30% FATCA withholding tax on certain U.S. sources of income.
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