We would like to present you with some important information about our commitments, both from the bank and from you as a customer of the Bank, through the international agreements that Romania respects. 2) How long has FATCA been in effect? Under Law 233/2015, Romania`s transposition law signed Romania`s intergovernmental agreement with the United States, with a date of implementation on 1 July 2014. Under the law, financial institutions, banks in our case, have an obligation to collect information on the accounts of natural and legal clients and report them to the Romanian tax authorities, which display signals that determine the application of FATCA rules. 6) What signals can determine a client who, according to the CRS, is reported to the ANAF? Individual: Home/residence address (residence/residence) / Correspondence address in another country that is a signatory to the contract or a customer has one or more telephone numbers in another treaty state, and no telephone number in Romania or power of attorney granted to a person with his address in another treaty-taking state, etc. Legal persons: residence / residence address / correspondence / place of registration / establishment in another state signatory to the convention, with the exception of Romania, etc. 5. Who is affected by CRS? The provisions of the IRS apply to all clients of Romanian financial institutions, to individuals and legal entities who reside tax in another state, which is a signatory to the agreement and/or in another state that is a signatory to the agreement, with the exception of Romania. 4) Which countries are part of the IRS agreement? The full list of states participating in the IRS is constantly changing, so please see the links below for your correct information: Simultaneously, January 1, 2016, Tax Procedure Code (CPF) Act 207/2015, which requires BCR, as a credit institution, to provide annual financial account information to BCR taxpayers in countries with which Romania has international law agreements (in the case of the United States). According to the CPF, the transmission of ANAF data to ANAF is expected to take place before 31 August 2016. An important aspect to consider is that Romania has reciprocally signed the Intergovernmental Agreement (IGA1), which automatically triggers FATCA compliance with Romanian-registered credit institutions.
As a result, BCR meets FATCA`s requirements, as the approach is no stricter than that of other Romanian banks that have decided to meet the requirements. Form W-9 - application for tax identification number and certification (tax identification number) - is a US Tax Service (IRS) document that is completed by the individual customer to confirm and certify that he is subject to the United States. The instructions for completing the W-9 form are available on the IRS website: www.irs.gov/pub/irs-pdf/iw9.pdf . Annual report to U.S. financial authorities, specific information on accounts opened/closed by U.S. citizens, foreign companies with significant U.S. shareholders, as well as clients considered "undocumented/recalcitrant." While Romania has implemented fatca within the national regulatory framework, the Bank will report the above information annually to the National Tax Administration Agency (NAFA). 3. the account balance or the value of the account held by the holder at the end of the year or, if the account was closed this year, the last transaction value immediately before the accounts closed; I.4.