2. Interpretation

(1) In these Regulations—

“Act” means the Taxes Consolidation Act 1997;

“authorised officer” means an officer of the Revenue Commissioners authorised under Regulation 8;

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“Directive” means Council Directive 2014/107/EU of 9 December 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation;1

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“Directive” means Council Directive 2011/16/EU of 15 February 20111 on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC, as amended by Council Directive 2014/107/EU of 9 December 20143, Council Directive (EU) 2015/2376 of 8 December 20154, Council Directive (EU) 2016/881 of 25 May 20165, Council Directive (EU) 2016/2258 of 6 December 20166 , Council Directive (EU) 2018/822 of 25 May 20187 and Council Directive (EU) 2020/876 of 24 June 20202;

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“return date” means a date that is not later than the 30th day of June of the calendar year following the year for which a return is required;

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“return date” means -

(a) a date that is not later than the 30th day of September 2020, in respect of a return required for the calendar year 2019, and

(b) in all other cases, a date that is not later than the 30th day of June of the calendar year following the year for which a return is required;

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“US$” means United States dollars, the official currency of the United States of America.

(2) For the purposes of these Regulations the following terms referred to in the Directive or in Annex 1 or Annex 2 to the Directive shall have the following meanings—

“excluded account” means—

(a) any account included in the definition of excluded account in subparagraphs (a) to (f) of section VIII(C)(17) of Annex I to the Directive,

(b) a Personal Retirement Savings Account within the meaning of section 787A of the Act,

(c) an approved retirement fund within the meaning of section 784A of the Act,

(d) an approved minimum retirement fund within the meaning of section 784C of the Act,

(e) an approved scheme within the meaning of section 770 of the Act, or

(f) a sponsored superannuation scheme within the meaning of section 783 of the Act;

“non-reporting financial institution” means any financial institution that is——

(a) a governmental entity, international organisation or central bank, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a specified insurance company, custodial institution, or depository institution,

(b) a pension fund of a governmental entity, international organisation or central bank, a qualified credit card issuer, a broad participation retirement fund or a narrow participation retirement fund,

(c) an exempt collective investment vehicle, or

(d) a trust provided that the trustee of the trust is a reporting financial institution and reports all information required to be reported pursuant to section I of Annex I to the Directive with respect to all reportable accounts of the trust.

(3) Subject to paragraphs (1) and (2), and unless the context otherwise requires, a word or expression used in these Regulations that is also used in the Directive or in Annex 1 or Annex 2 to the Directive shall have the same meaning as it has in the Directive or in Annex 1 or Annex 2 to the Directive, as the case may be.

1OJ No. L359, 16.12.2014, p.1

2OJ No. L204, 26.06.2020, p. 46

3OJ No. L 359, 16.12.2014, p. 1

4OJ No. L 332, 18.12.2015, p. 1

5OJ No. L 146, 03.06.2016, p. 8

6OJ No. L 342, 16.12.2016, p. 1

7OJ No. L 139, 05.06.2018, p. 1