FATCA

fatca

On 1 December 2015 the Act on the Implementation of the Agreement between the Government of the Republic of Poland and the Government of the United States of America (hereinafter the “US”) to Improve International Tax Compliance and to Implement FATCA of 9 October 2015 came into force.

The Act is to oblige Polish financial institutions to provide information on accounts the holders of which are American taxpayers, which, in turn, is to prevent tax avoidance by them and to make building tax structure facilitating such avoidance difficult.

The Act defines basic obligations of Polish financial institutions related to identification of American reporting accounts and accounts held by exempt financial institutions, and also an obligation of preparing and providing related information to the US tax administration (via Polish tax authorities).

The Act imposes an obligation of Polish financial institutions, including Investment Fund Management Companies to obtain from their customers a statement on their US tax residency status.

ProService Finteco has participated in preparatory work on implementation of provisions for the market of investment funds from the very beginning of development of regulations on FATCA in Poland.

We provide comprehensive services relating to implementation and maintenance of guidelines that are established in FATCA and which cover:

  • Systems of sales that allow collecting statements and complete information about customers,
  • Data exchange files,
  • Operating processes,
  • Modern, application ProCompliance that is dedicated to FATCA and which allows: determining a FATCA status of natural persons and institutions; aggregation of assets; checking thresholds; performance of examinations that are required under the Agreement and FATCA; generating notices calling for statements in case of no statements or a change of circumstances; controlling the waiting time for return of a statement; and reporting.