On 9 December 2014, Directive 2014/107/EU was published to prevent uncoordinated conclusion of agreements by the Member States of the European Union. Pursuant to the EU Directive, the Polish legislator drew up a bill which assumed application of the provisions from 1 May 2017.
The bill of 10 February 2017 on exchanging tax data with other states includes implementation of the guidelines provided in Directive 2014/107/EU, as well as the introduction of regulations enabling automatic exchange of information on accounts reported with other states than Member States.
The provisions are to oblige Polish financial institutions to provide information on accounts the holders of which are taxpayers from reported states, which, in turn, is to prevent tax avoidance by them and to make building tax structure facilitating such avoidance difficult.
The Act defines the basic obligations of Polish financial institutions related to identification of residents of other states, and also an obligation to prepare and provide related information to the reported states’ tax administrations (via Polish tax authorities).
Since the very beginning of establishing provisions concerning CRS regulations in Poland, ProService Finteco has participated in preparatory works involving implementation of the provisions on the investment fund market, actively taking part in meetings for working groups of the Polish Bank Association and the Board of Funds and Asset Management, in order to establish market practices aimed at the implementation of the new provisions.
PS Finteco has prepared to provide comprehensive services relating to the implementation and maintenance of guidelines that are established in CRS provisions and which cover:
- Systems of sales that allow collecting statements and complete information about customers,
- Data exchange files,
- Operating processes,
- A modern application that allows the tax residency of fund participants to be determined, conducting research and other activities resulting from the regulations and complying with the requirements of the register of actions indicated in these regulations.