ProService AT is the first transfer agent in the Polish market to have developed comprehensive solutions to support Polish and foreign Companies in their accurate compliance with FATCA.
The Act obliges foreign financial institutions to disclose information in accounts held by US taxpayers, which is to prevent tax avoidance and development of structures supporting tax avoidance. The regulation is expected to cover a majority of financial institutions worldwide. The Polish Government agreed to comply with the requirements of US tax authorities and on 7 October 2014 signed an Agreement with the US Government on compliance with international tax obligations and implementation of FATCA. The Agreement provides that Polish financial institutions will not be obliged to provide information on US accounts directly to the US authorities but will do so via Polish tax authorities.
In the near future the President of the Republic of Poland is expected to ratify the Agreement, which will be followed by the issue of regulations supporting Polish financial institutions in compliance with their obligations under the Agreement. In order to meet the requirements of its domestic and foreign Customers, ProService AT has developed a broad offer to select an appropriate option to service FATCA requirements. The offer is based on legal solutions planned in Poland and in other countries.