"Asked about the risk that personal information of Irish taxpayers and their properties could being misused or stolen after it is shared outside Ireland and outside the European Union, the Department of Finance said confidentiality safeguards in place between tax authorities and taxpayers remain and are not going to be removed, including in relation to GDPR. "Tax authorities globally must commit to respecting those safeguards if they wish to participate in these exchanges," the department said."
"The new Multilateral Competent Authority Agreement on Automatic Exchange of Readily Available Information on Immovable Property (IPI MCAA) is a commitment to share information about properties and tax payers with tax authorities in jurisdictions including France, the UK, Germany, Brazil and South Korea. The scheme was developed by the OECD and follows an earlier agreement in relation to sharing similar information about financial assets."
An OECD-developed Multilateral Competent Authority Agreement (IPI MCAA) will enable automatic sharing of readily available information on immovable property among 25 jurisdictions, including France, the UK, Germany, Brazil, South Korea and Ireland. The exchange will cover property ownership, acquisition and disposal transactions, rental income, income and gains from foreign property, and sources of purchase funds. The scheme aims to clamp down on cross-border tax evasion. Ireland will become an early adopter. Confidentiality safeguards between tax authorities and taxpayers remain in place, including GDPR protections, and participating tax authorities must commit to respecting those safeguards.
Read at Irish Independent
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