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Institute for the purposes of fatca what does it mean. Fatca - what kind of law is this? Requirements, purpose and form of the Fatca law. Authorized to provide information to the IRS

On July 1, 2014, the US Law “On the Taxation of Foreign Accounts” (FATCA – Foreign Account Tax Compliance Act) and the Federal Law of the Russian Federation No. 173-FZ of June 28, 2014 “On the specifics of financial transactions with foreign citizens and legal entities, on introducing amendments to the Code of the Russian Federation on Administrative Offenses and invalidating certain provisions of legislative acts of the Russian Federation.”

VTB Capital Broker LLC is registered on the US Internal Revenue Service portal for the purpose of complying with FATCA requirements as a participating financial institution, FATCA identifier (Global Intermediary Identification Number, GIIN) 3FZXN5.00033.ME.643.

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We inform clients who are served by VTB Capital Broker LLC or who are interested in concluding a service agreement in financial markets about the possibility of disclosing information about your status as a US tax resident in order to comply with FATCA requirements to the US Internal Revenue Service to the extent and in the manner established by the legislation of the Russian Federation.

Criteria for classifying clients as US tax residents for the purpose of complying with FATCA requirements and methods for obtaining information

1. Criteria for individuals and individual entrepreneurs

Under US law, individuals are considered US tax residents if one of the following conditions is met:

  • The individual is a US citizen;
  • The individual is authorized to remain permanently in the United States (permanent resident card (Form I-551 “Green Card”);
  • An individual meets the Long-Term Stay criteria.

An individual is considered a US tax resident on the basis of “long-term stay” if he or she has been in the US for at least 31 days during the current calendar year and at least 183 days within 3 years, including the current year and the two immediately preceding years.

In this case, the sum of the days during which an individual was present in the United States in the current year, as well as two previous years, is multiplied by an established coefficient: the coefficient for the current year is 1 (i.e., all days spent in the United States in the current year are taken into account ); the coefficient of the previous year is 1/3 and the coefficient of the year before last is 1/6.

Teachers, students, and interns who are temporarily present in the United States on the basis of F, J, M or Q visas are not recognized as US tax residents.

Please note that the Company does not transmit information about an individual to the US Internal Revenue Service if the individual is a citizen of the Russian Federation and does not, at the same time as Russian citizenship, have a second US citizenship or a residence permit in the US (permanent residence permit in the US) or not resides permanently (long-term stay) in the United States.

2. Criteria for legal entities

2.1. The legal entity is registered/established in the United States and such legal entity not applicable to persons excluded from specifically designated US tax residents:

  • A U.S. corporation whose shares are regularly listed on one or more organized securities exchanges;
  • A U.S. company or corporation that is part of an expanded affiliate group of the company and/or corporation identified in the previous paragraph;
  • A U.S. organization that is tax-exempt under Section 501(a) and pension funds as defined by Section 7701(a)(37) of the Internal Revenue Code;
  • A U.S. government agency or agency and its affiliates;
  • Any state of the United States, the District of Columbia, the United States controlled territories (American Samoa, Territory of Guam, Northern Mariana Islands, Puerto Rico, U.S. Virgin Islands), any political branch thereof, or any agency or other entity created by or wholly owned by them belongs;
  • A U.S. bank as defined by Section 581 of the Internal Revenue Code (banking and trust organizations that have a substantial part of their business in accepting deposits, making loans, or providing fiduciary services and that are licensed to do so);
  • A U.S. real estate investment trust defined under Section 856 of the Internal Revenue Code;
  • A U.S. regulated investment company as defined in Section 851 of the Internal Revenue Code or any company registered with the U.S. Securities and Exchange Commission;
  • American investment fund (common trust fund) as defined in Section 584 of the Internal Revenue Code;
  • A U.S. trust exempt from taxation under Section 664(c) of the Internal Revenue Code;
  • A US dealer in securities, commodities or derivatives (including instruments such as futures, forwards, options) who is registered as a dealer under US law;
  • An American broker duly licensed in accordance with the requirements of US law;
  • A U.S. trust that is tax-exempt under Section 403(b) (trusts established for the benefit of qualified employees of an organization) and Section 457(g) (trusts established to provide compensation to employees of U.S. government entities) of the Internal Revenue Code.

2.2. The legal entity is registered/incorporated outside the United States

And however, the legal entity is not a financial institution for the purposes of FATCA And The controlling persons (beneficial owners) of a legal entity that directly or indirectly own more than 10% of the share in the legal entity include one of the following persons:
  • Individuals who are US tax residents (see paragraph 1);
  • Legal entities that are registered/incorporated in the United States and that do not fall into the category of legal entities excluded from specifically designated US tax residents (see paragraph 2)
    And more than 50% (individually or in aggregate) of the total income of such legal entity for the previous year is “passive income”
    And more than 50% (individually or in aggregate) of the weighted average assets of a legal entity (at the end of the quarter) are assets generating the following income:

Passive income includes:

  • Dividends;
  • Interest;
  • Income received from a pool of insurance contracts, provided that the amounts received depend in whole or in part on the profitability of the pool;
  • Rent and royalties (except for rent and royalties received in the course of active operating activities);
  • Annuities;
  • Profit from the sale or exchange of property generating one of the above types of income;
  • Profit from transactions in exchange-traded commodities (including futures, forwards and similar transactions), with the exception of transactions that are hedging, provided that transactions in such commodities are the main activity of the organization;
  • Profit from transactions with foreign currency (positive or negative exchange rate differences);
  • Contracts whose value is tied to the underlying asset (par value), for example, derivatives (currency SWAP, interest rate SWAP, options, etc.);
  • Redemption amount under an insurance contract or loan amount secured by an insurance contract;
  • Amounts received by an insurance company from reserves for insurance activities and annuities.

3. Ways to obtain information from clients

The way the Company obtains the necessary information in order to comply with FATCA requirements is for clients to fill out:

  • Self-certification forms developed by the Company, or
  • other documents in the forms prescribed by the US Tax Service.
  • Contacts
  • Information disclosure
  • Requisites
  • Vacancies

LLC VTB Capital Broker (VTBC Broker), License of a professional participant in the securities market for brokerage activities No. 045-12014-100000, issued: February 10, 2009, License of a professional participant in the securities market for dealer activities No. 045-12021-010000 , issued: February 10, 2009, License of a professional participant in the securities market to carry out depository activities No. 045-12027-000100, issued: February 10, 2009

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Today we are witnessing the creation world system of interstate cooperation In matters of taxation, more and more states are adopting domestic laws and entering into intergovernmental agreements aimed at collecting taxes from foreign accounts and contributions of their taxpayers. The United States was a pioneer on this path; now such processes are happening all over the world.

The excitement in the banking environment around the world arose in connection with the entry into force on July 1, 2014 of the provisions on the taxation of foreign accounts (English: Foreing Account Tax Compliance Act, hereinafter referred to as FATCA). This subsection is included in the US law on incentives to restore employment of March 18, 2010 (eng. The Hiring Incentives to Restore Employment Act), but over time FATCA has acquired its own exclusive meaning.

This subsection was adopted with the aim of returning to the US budget all lost taxes from U.S. taxpayers' foreign income held in their non-U.S. bank accounts.

Taking into account double taxation agreements, FATCA includes persons obliged to disclose information on the presence of foreign assets: not only US citizens, regardless of the presence of a second citizenship, but also individuals born in the United States and who do not have American citizenship, and even persons who do not have American citizenship, if at least one of the parents of such a person lived in the United States for more than five years after this parent reached age 14 years. Permanent residents of the United States are also required to disclose information about foreign accounts, namely persons who have a green card or have stayed in the United States for more than 31 days in the current year and more than 183 days in total over the past three years. Exceptions include officials, teachers and coaches, students, athletes who came to the United States to participate in charitable competitions, as well as persons who were able to demonstrate the maintenance of a close financial connection with another state. The presence of such a close connection can be confirmed by paying taxes in another country, having a permanent residence, family, main assets or business in general in another state. Legal entities will also be required to pay taxes on foreign assets. This category includes US organizations with limited exceptions (except banks, US tax-exempt organizations, including charities and some pension funds, etc.), and foreign legal entities if 10% or more of their authorized capital, shares or income belongs directly or indirectly to a US citizen, permanent resident or US entity.

FATCA requires from Russian financial organizations to identify the above-mentioned persons and transfer the received information to the US Tax Service (Internal Revenue Service, hereinafter referred to as the IRS). There are several options for banks to behave when fulfilling the requirement to transfer information. According to the first option, a foreign bank, in addition to transmitting information about the availability of accounts of an American taxpayer, takes on part of the functions of the fiscal authority and independently withholds tax in the amount of 30% of the income of the American taxpayer and redirects these funds to the IRS. The second option involves transferring this function to a US tax agent specifically authorized by the IRS to do so.

To transfer information to the US Tax Service, Russian financial organizations (in particular banks) had to enter into an agreement with the IRS before May 5, 2014 and go through the registration procedure on its website. If a financial organization has not yet registered with the IRS or refuses in principle to transfer information about an American taxpayer, then from July 1, 2014, the United States has the right to apply sanctions, withholding 30% of the amounts of transactions involving American counterparties.

Requiring such information from foreign banks, which are in no way obligated to report directly to the IRS, creates a lot of legal problems and issues. At a minimum, the provision of any information to the IRS violates the principle of bank secrecy enshrined in Art. 26 of the Federal Law of December 2, 1990 No. 395-I "". Russian legislation provides for the provision of information about customer accounts and deposits only to Russian tax authorities, who can act at the request of a foreign tax service and only if there is an international treaty between Russia and a foreign state (). And such restrictions are enshrined in the legislation of almost all countries of the world. Therefore, the United States, within the framework of FATCA, has provided for the conclusion of intergovernmental agreements that will overcome certain legal obstacles and comply with IRS requirements without violating the domestic legislation of the state. Intergovernmental agreements may provide for two models of interaction between financial institutions and the IRS.

First model provides for the implementation of FATCA reporting through intergovernmental exchange of information and involves direct interaction between the tax authorities of the United States and other countries. It should be noted that within the framework of this model, information is transferred on a reciprocal basis - both about the accounts of American taxpayers in banks of the agreement country, and about the accounts of citizens of the agreement country in US banks.

OUR HELP

The model for intergovernmental exchange of information on taxpayer accounts has been adopted by the Organization for Economic Co-operation and Development (OECD), which includes both the United States and member countries of the European Union. On May 6, 2014, OECD countries and 13 other acceding countries signed a declaration on the implementation of a system for the automatic exchange of tax information. As part of this agreement, the tax authorities of these countries will be able to exchange information about taxpayers' accounts annually on an automatic basis within a single information base - that is, without sending official requests.

Second model provides for direct reporting to the US Internal Revenue Service by financial organizations, without tying such actions to national tax authorities. In this case, the information is provided to the IRS unilaterally.

An intergovernmental agreement between Russia and the United States was not signed and Russian financial organizations found themselves caught between two fires - on the one hand, the US threat to withhold 30% of financial transactions involving American counterparties in case of failure to comply with FATCA requirements. On the other hand, there is criminal liability for disseminating bank secrecy and imprisonment as one of the punishment options, along with a fine and forced labor ().

Legislators did not stand aside and to solve this problem, Federal Law No. 173-FZ of June 28, 2014 (hereinafter referred to as the Law) was adopted.

This law determined the circle of Russian entities that belong to those financial organizations that FATCA imposes the obligation to transfer information. These, in addition to banks and credit organizations, also include insurers providing voluntary life insurance, brokers, trustees, non-state pension funds, investment funds and other organizations that provide financial services to persons subject to foreign tax legislation ().

Bank or other financial institution without fail must notify the Central Bank of the Russian Federation, the Federal Tax Service of Russia and the federal executive body for combating the laundering of proceeds from crime (hereinafter referred to as the authorized bodies) of its registration with the US Tax Service no later than three days from the date of registration ().

The law defines persons whose information is not subject to collection and transfer (). These include individuals - citizens of the Russian Federation who do not have a second citizenship, except in member countries of the Customs Union, and do not have a residence permit in a foreign country. It is worth noting that even if a citizen of the Russian Federation was born in the United States, but has neither American citizenship nor a residence permit, the law directly establishes prohibition on collection and transfer of information about such a person, although according to FATCA rules, information about him must be transmitted to the IRS. Information about legal entities created in accordance with the legislation of the Russian Federation, 90% of which are directly or indirectly controlled by the state or citizens of the Russian Federation who meet the requirements of the first paragraph, is not subject to collection and transfer. Thus, information about the accounts and deposits of any organizations with an “American” share in the authorized capital of more than 10% must be transferred to the US Tax Service.

Banks must develop criteria for inclusion and specific measures to identify foreign taxpayer clients (hereinafter referred to as clients) independently and publish them on their official website on the Internet (). The law does not establish a period during which these internal documents must be developed, but provides for the bank’s obligation to publish them no later than 15 calendar days from the date of their approval.

Having analyzed the websites of banks from the top twenty rating of banks by net assets of the Association of Russian Banks, mention of registration with the IRS was found on the websites only three banks(VTB, UniCredit Bank and AK BARS Bank), however, internal documents with criteria for identifying clients who are foreign taxpayers were not found. Two more banks have only indirect mention of compliance with FATCA, the remaining 15 banks do not have any information either about registration or about the criteria and measures for identifying clients who are foreign taxpayers on their official websites. During a random sample check, one bank was found outside the top 20 (Svyaznoy Bank), which defined the criteria for classifying clients as foreign taxpayers in an advertisement on the website.

OUR HELP

List of Russian banks registered with the IRS.

The law establishes a significant limitation - banks have the right to transfer information about the client only with his consent(). Consent must be requested by the bank in writing. The client’s consent to transfer information to a foreign tax authority is also automatically considered consent to transfer the same information to authorized bodies - the Central Bank of the Russian Federation, the Federal Tax Service of Russia and the federal executive body for combating money laundering.

The client is given a deadline to respond at least 15 working days. If the client has not given his consent to the transfer of information or has not confirmed or denied his affiliation with foreign taxpayers within 15 working days from the date of sending the request by the bank, the latter has the right to unilaterally stop the financial transactions of such a client and even terminate the agreement with him for the provision of financial services. services (). If a decision is made to refuse to carry out financial transactions of the client, such refusal does not apply to the write-off of funds in the order of priority established, namely, on writs of execution for the collection of wages or severance pay, instructions from the Russian tax authorities, for the payment of insurance contributions to state funds , according to writs of execution for other monetary claims, for other monetary claims in calendar order. Also, blocking of the client’s financial transactions does not apply to transfers of funds to the client’s bank account opened in another bank, or the issuance of cash to the client.

Also the law imposes an obligation on the bank“duplicate” all collected and processed information about the client to the Russian authorized authorities. Thus, the bank must report the very fact of identifying such a client () within the time limits established by the Government of the Russian Federation; on receipt of a request from a foreign tax authority within two days from the date of its receipt (). No later than 10 working days before departure information about the client to a foreign tax authority, the bank is obliged to provide the collected information to the authorized authorities. Based on the results of consideration of this information, the federal executive authority for combating income laundering may impose a ban on sending information to a foreign tax authority.

Another innovation was the procedure for clients to open accounts and deposits in banks. If the bank has a reasonable, documented assumption that the client belongs to the category of foreign taxpayers, the bank must request from him the data necessary to accurately identify him as such a client (for example, a copy of the passport, a certificate of registration of a legal entity, a list of founders, etc. .p.) and at the same time consent to transfer information to foreign tax authorities. If such data and consent are not received from the client within 15 working days, the bank has the right to refuse to conclude a bank account or deposit agreement.

The law also provides for retaliation the obligation of foreign financial organizations to report details accounts opened with them or deposits of citizens of the Russian Federation and legal entities that are directly or indirectly controlled by citizens of the Russian Federation, annually until September 30 of the year following the year in which these accounts were opened.

    FOR REFERENCE

    Controllers were asked to recognize a person who, directly or indirectly (through third parties) could determine the actions or influence the decisions of a legal entity (Draft Federal Law No. 47538-6 ""). It was intended to establish a “presumption of a controlling person” in one of the following cases if the person:

    • had a dominant share in the authorized capital of a legal entity;
    • was recognized as controlling on the basis of an agreement;
    • had the right to give instructions binding on a legal entity;
    • had the opportunity to influence the election or appointment of the sole executive body or more than half of the composition of the collegial management body.

    Persons through whom or jointly with whom such control is exercised were also proposed to be recognized as controlling persons. However, the ability to veto a decision by the governing body of a legal entity was not enough to recognize control over that legal entity.

    These changes were not adopted and in Russian legislation today there is no legal definition of control and a controlling person.

The same law introduced amendments to the Code of Administrative Offenses of the Russian Federation, providing for liability of both officials of financial organizations and financial organizations themselves for failure to provide or provision in violation of the deadline or other conditions of information about the client. The fine varies from 20 thousand rubles. up to 50 thousand rubles. for officials and from 300 thousand rubles. up to 1 million rubles for a financial organization across the entire range of violations ().

Oddly enough, sanctions against foreign financial organizations for failure by other states to provide information about Russian taxpayers, similar to FATCA, are not established by law.

The steps taken are intended increase the capacity of national budgets And increase transparency of banking operations to track the financing of terrorist and other criminal organizations. What will come of this, only time will tell.

The fact that today it is becoming less and less popular to be a US citizen is largely due to the law adopted in this country in 2010 and which came into force on July 1, 2014 “On the Taxation of Foreign Accounts” (Foreign Account Tax Compliance Act - FATCA). The idea for this law arose when the US government was calculating lost taxes. Their amount was approximately $100,000 billion, and these are only offshore schemes, not taking into account citizens’ deposits in foreign banks. As a result of the calculation, it was decided to take measures to correct this problem in the form of a bill, which, after being signed by the head of the American state, came into force. This was the main reason for the large number of renunciations of US citizenship among its residents living and working in other countries.

What is FATCA

FATCA - what is it? This is a US tax law that requires foreign financial institutions to report to that country's Internal Revenue Service (IRS) about clients who are US taxpayers. The official purpose of FATCA is to prevent tax evasion by American citizens. Under US law, all individuals and legal entities who have citizenship or are residents of this country are required to pay tax, regardless of the place where they live and receive income from work, conduct business or own property. But many citizens are not satisfied with this state of affairs, so they try to conduct financial activities through banks located outside their country.

Before the adoption of the law, the relevant US services were not able to somehow track their financial activities and obtain information on accounts in foreign banks. But the situation changed dramatically after FATCA came into force. What did this give to the special services? Effective immediately, all countries or their financial institutions must report U.S. taxpayer customers to the IRS for FATCA purposes. The law is, to put it mildly, arrogant, as it affects the interests of not only US citizens, but also legal entities of all other states.

Levers of influence, method of monitoring the implementation of FATCA

In order to seamlessly transfer FATCA information, foreign financial organizations or countries are asked to enter into special agreements with the relevant US agency to ensure control over the accounts of US taxpayers. Anyone who refuses the offer will face a number of surprises, which include measures such as sanctions, forced withholding of 30% of the amount of customer transfers through the US banking system, as well as through banks that signed such an agreement, or even closing access to the main reserve currency for entire countries with a subsequent reduction in part of international trade. Therefore, an impressive queue lined up to sign the agreement, consisting of various states and individual financial organizations that understand the importance of the US system in the flow of funds, but at the same time are trying to avoid violating privacy laws. An agreement can be concluded not only with various countries in an intergovernmental form, but also with individual financial institutions, if the state in whose territory they operate cannot accept this agreement for some reason.

Agreement Models

Since the FATCA law provides for two options for intergovernmental agreements, there are also two models for the transfer of information provided for by them:

  1. According to the first model, financial institutions submit reports on the accounts of clients belonging to American taxpayers to the internal services of their country. Subsequently, these services transfer the information to US special services.
  2. The second model involves the transfer of data on such clients by financial institutions themselves, which have entered into a direct agreement with the US tax authorities.

By 2017, the Russian Federation had not signed an intergovernmental agreement for the transfer of information for FATCA purposes. What does this mean for Russian citizens? Formally, banks and other organizations are not required to report to American services. But this circumstance promises clients of Russian financial institutions unwanted problems when making payments and transactions through American correspondent accounts in the form of sanctions.

Russian legislation gives the go-ahead for domestic banks to transfer information to US services

As a result of heated discussions by the Russian government on the entry into force of FATCA, its possible consequences and contradictions with the laws of the Russian Federation, the head of state signed a law designed to help domestic financial companies register on the website of the US tax services to comply with FATCA. What does this allow Russian organizations to do? Legally share required U.S. taxpayer information as part of an information sharing agreement, but only with the client's consent. If a person refuses to transfer data, any bank has the right not to work with this person. Before transfer, all data must go through the Central Bank and Rosfinmonitoring, which has the right to stop it.

FATCA reporting form

In an attempt to eliminate unwanted deductions from customer accounts, 90% of banks and organizations from Russia privately agreed and registered with the US federal service. Therefore, when opening accounts in many banks today, you may be faced with the inevitability of filling out a certain document. The FATCA form is a short questionnaire that makes it easy to determine the need to transfer information about a given client to American services. If the client is not related to taxes in the United States, then information about him will remain closed to American services.

Bankers' concerns

This information collection mechanism may not be efficient enough, resulting in fines, withholdings, or losses for companies on GIIN registrations. The absence of such a number from a financial organization is the basis for the application of sanctions to it for failure to comply with FATCA. The number of domestic institutions that will be able to retain their GIIN after data transfer in 2017 remains unclear. Many bankers express fears that the American government, if desired, will find a lot of violations in the actions of Russian organizations. Therefore, the threat of sanctions in connection with violations of FATCA is more real than the possible blocking of payment systems that banks predicted. FATCA has many ambiguities and ambiguities, which leave wide scope for the services that control its implementation.

Registration for FATCA purposes, Sberbank. What is this?

One of the first organizations to register with the US IRS is Sberbank. The entire company, including the main department and 208 institutions under its control, received the status of a financial institution that complies with FATCA requirements. What does it mean? Sberbank is obliged to identify among its clients those who are involved in paying taxes in the States. As of the date of registration, the bank has about 20,000 clients who are American citizens or are among the other categories required to pay tax in this country. These include:

Legal entities:

  • organizations where residents have a share of more than 10%;
  • companies registered in America.

Individuals:

  • American citizenship;
  • green map;
  • birth in America;
  • US mailing address;
  • American telephone number;
  • a power of attorney issued to a person with an address in the USA;
  • the right of signature to a person with the same address;
  • instructions for transferring amounts to the USA;
  • "on demand" address, if it is the only one for the account.

In the future, the number of clients falling into these categories may increase, since there are no obstacles to servicing individuals who are willing to consent to the transfer of information to the States. This information is necessary to comply with the mandatory conditions of FATCA (Sberbank). What difference does this make in service? Sberbank asks you to fill out an additional form attached to the package of documents.

Bank procedure

When working with clients, Sberbank determines the FATCA status for each based on the data from completed questionnaires, and then generates a report. Based on the results of the information received, those who are related to American taxes are identified. What happens next:

  1. Informing the client about the presence of signs of belonging to American taxpayers.
  2. Client confirmation of status with forms w-9 or w-8. Or documentary evidence of non-compliance with this.
  3. Obtaining consent from the client to transfer data to the IRS. Or, in the absence of forms or documents of refutation, his transition to the status of refuseniks.

The fact that Sberbank is registered with the IRS obliges it to provide, if necessary, the American government with access to the accounts of US taxpayers located in a Sberbank institution in the Russian Federation. At the same time, Sberbank does not see any obstacles to fulfilling its regular duties with the emergence of the need to inform the States about the savings of their taxpayers.

Russia's entry into the European FATCA

Russia will soon join Euro-FATCA. This is a new bill, similar to the American one in terms of regulation, but unlike which, in case of refusal to cooperate, it does not provide for penalties, but a complete ban on activities for refuseniks in the EU. Russia's accession is planned for 2018 within the framework of the European Convention of 1988, according to which participants are obliged to provide assistance to each other and exchange information on tax matters. From the date of entry into Euro-FATCA, Russian services will be able not only to transmit data about EU taxpayers, but also to receive information about European accounts of domestic citizens.

Sberbank has passed the registration procedure with the US Internal Revenue Service (IRS) as a financial institution that complies with the requirements of FATCA (Participating financial institution not covered by an IGA).

The bank has been assigned an individual identification number (GIIN): JPCJ0H.00028.ME.643.

Form confirming the status of Sberbank as the beneficial owner of the income received and indicating the FATCA status: W-8BEN-E

Form confirming the status of Sberbank as an intermediary in the transfer of income received in favor of a third party, indicating the FATCA status: W-8IMY

We hereby inform clients - individuals, as well as individual entrepreneurs and individuals engaged in private practice in accordance with the procedure established by the legislation of the Russian Federation (lawyers, notaries, etc.), interested in concluding agreements with Sberbank PJSC (hereinafter referred to as the Bank), about the possibility of disclosing information about your US taxpayer status for FATCA purposes.

When concluding an agreement for any service, you can fill out the Bank’s questionnaire containing additional FATCA information (hereinafter referred to as the Questionnaire). The form of the Questionnaire and the procedure for filling it out are presented in the relevant sections of products and services on the Bank’s website, as well as in information folders in service offices.

As part of filling out the Questionnaire, you will be required to provide the following additional documents, depending on your answers to the questions in the Questionnaire:

  • If you are a US citizen or US tax resident, you must provide a completed Form W-9 (Form W-9 is available on the US Internal Revenue Service website: http://www.irs.gov/pub/irs-pdf/fw9.pdf ). Consult your tax advisor about how to complete the form.
  • If you were born in the United States but are not a U.S. citizen, you must provide (1) a certificate of loss of U.S. citizenship on U.S. Department of State Bureau of Consular Affairs Form DS 4083 or (2) a written explanation for your lack of U.S. citizenship (for example, stating the reason , which did not result in US citizenship by birth).

You can hand over the completed Questionnaire and the documents listed above (if any) to the Bank employee at your place of service. Information about US taxpayers, including data on the Client's account number(s) with the Bank, account balance(s), transactions on the account(s), may be transferred by the Bank to the US Internal Revenue Service (IRS) or to a person acting as such authority. , to the extent and in the manner established by the legislation of the Russian Federation.

  • Questions to confirm tax residency for individuals
  • Questionnaire for an Investor - an individual (with rules for filling out)
  • Questions to confirm tax residency for individuals / individual entrepreneurs (for securities accounts)

We hereby inform clients - legal entities, including credit institutions, interested in concluding agreements with the Bank, about the possibility of disclosing information about themselves for FATCA purposes.

You can fill out special sections of the Bank's questionnaire containing additional FATCA information (hereinafter referred to as the Questionnaire) as part of the standard identification procedure when applying for services at the Bank. The Questionnaire form is presented on the Bank’s website in the relevant sections of products and services.

As part of filling out the Questionnaire, you may be required to provide additional documents depending on your answers to the Questionnaire questions:

  • IRS Forms W-9/W-8 and other documents.
  • Templates for Forms W-9 and W-8 are available on the IRS portal: http://www.irs.gov. The Bank does not provide advice on the procedure for filling out the FATCA Questionnaire and other additional documents in order to establish the specific status of a taxpayer for FATCA purposes. Consult your tax advisor about how to complete the forms.

You can hand over the completed Questionnaire and additional documents (if any) to the Bank employee at your place of service.

Information about US taxpayers, including data on the Client's account number(s) with the Bank, account balance(s), transactions on the account(s), may be transferred by the Bank to the US Internal Revenue Service (IRS) or to a person acting as such authority. , to the extent and in the manner established by the legislation of the Russian Federation.

  • Questions to confirm tax residency for legal entities/individual entrepreneurs
  • Information for legal entities that are not credit institutions (for securities accounts)

Federal Law No. 340-FZ dated November 27, 2017), according to which Russian financial market organizations are required to identify clients who are tax residents of foreign states (territories) and provide data on such clients and their accounts to the Federal Tax Service of Russia, and clients, in turn, , are required to provide this information upon request from a financial institution.

Sberbank PJSC does not provide its clients with consulting services on determining tax residency in accordance with FATCA and CRS requirements. On this issue, you can contact a tax consultant or read information on tax residency for different countries on the Organization for Economic Cooperation and Development portal at http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance /tax-residency/#d.en.347760

In order to confirm your tax residency, an employee of Sberbank PJSC may ask clarifying questions and also ask you to fill out a self-certification form.

FATCA is a Russified abbreviation from English that stands for the United States Federal Tax Compliance Act (FATCA - Foreign Account Tax Compliance Act). This law is also called the “Foreign Account Tax Law.” In accordance with this law, foreign financial institutions (registered outside the United States) must inform the United States Internal Revenue Service (IRS - International Revenue Services) about so-called "US clients"
including those who live outside the United States.

  1. What is the purpose of FATCA?

FATCA was adopted to prevent tax evasion by US taxpayers who hold accounts with non-US financial institutions or offshore investment vehicles.

FATCA requires financial institutions located outside the United States to identify their customers based on certain criteria, collectively known as “United States characteristics,” and to report such customers to the IRS in accordance with government-to-government treaties. USA and other countries.

  1. When do the provisions of FATCA apply?

CB "COMERZBANK" JSC informs the US Tax Service directly (not through the Ministry of Finance of the Republic of Moldova), in accordance with the Intergovernmental Agreement of the 2nd type, signed by the governments of the Republic of Moldova and the United States on November 26, 2014.

According to the Intergovernmental Agreement, CB "COMERTSBANK" JSC registered on the IRS portal and received the GIIN (Global Intermediary Identification Number) code: VY0Z9.99999.SL.498, having fulfilled the requirements of FATKA.

  1. Who is affected by FATCA?

The provisions of FATCA affect individuals and legal entities, clients of financial institutions of the Republic of Moldova, who have tax obligations to the United States and receive taxable income outside the United States, namely:

  1. American citizens and American tax residents;
  2. citizens without U.S. citizenship but who have been in the United States for at least 183 days, which is calculated as follows: all days during which you were in the country during the current year (at least 31 days), and 1/3 of the number of days during which you were in the country during the year immediately preceding the current year and 1/6 of the number of days during which you were in the country during the second year preceding the current year;
  3. US legal entities;
  4. foreign non-financial entities (non-SUA) whose substantial owners (with at least a 10% ownership interest) are US citizens and tax residents.

The following are not US residents for tax purposes: teachers, students, interns who are temporarily in the US on the basis of visas of the following categories: F, J, M şi Q.

  1. What does FATKA status mean?

“FATCA” status is a status assigned by the Bank to those of its clients, individuals and legal entities who meet the FATCA criteria, and to whom the Bank must apply the procedures provided for by FATCA.

  1. How will FATKA affect customers?

All clients of CB COMERTSBANK JSC will be subject to an identification procedure to determine whether they are US account holders. US account holders will be assigned FATCA status as a result of their US characteristics and will be required to provide information requested by the Bank.

  1. What are the consequences for clients who refuse to provide the Bank with the information necessary to establish FATCA status?

Clients who do not provide information on the basis of which the Bank can decide to assign them FATCA status will be classified as US account holders - refusers and information about them will be provided to the US Internal Revenue Service.

  1. What is meant by a “refusing client”?

A “custodial client” means a bank account owner, an individual or legal entity who:

  1. did not respond to the Bank's request to provide documents necessary to assign FATCA status or information required to submit to the US Internal Revenue Service (valid W-9 form, correct US taxpayer name and number, etc.);
  2. did not consent to the Bank providing his personal data to the US Tax Service.
  1. What is a US Taxpayer Identification Number (US TIN)?

A US Taxpayer Identification Number (US TIN) is a number that identifies an American taxpayer used by the United States Internal Revenue Service in administering taxes.

The US taxpayer number can be:

  1. SSN(Social Security Number) - social security number of a US citizen;
  2. ITIN(Individual Taxpayer Identification Number) - US taxpayer identification number;
  3. ATIN(Adoption Taxpayer Identification Number) - US taxpayer identification number for children adopted in the USA.
  1. What are Forms W-9, W-8BEN, and W-8BEN-E?

The Bank uses the information provided by clients on forms W-9, W-8BEN and W-8BEN-E to decide whether to assign them FATKA status. Clients independently fill out and submit these forms to the Bank. Otherwise, clients will be considered “refusal clients”, which will entail the Bank’s actions described above.

To complete these forms, clients must use the instructions for completing them, which are published on the US Internal Revenue Service website (https://www.irs.gov):

Form W-9 is completed by both individuals and legal entities and represents the account owner’s confirmation of his status as a person related to the United States.

Form W-8BEN is completed only by individuals and represents the account owner’s confirmation of his non-US status.

Form W-8BEN-E is filled out only by legal entities and represents the account owner’s confirmation of his status as a person not related to the United States.

  1. I am a client of CB "COMERTSBANK" JSC. The bank informed me that I have US characteristics. Am I obliged to provide the Bank with the documents requested by it?

You are advised to provide the Bank with the requested documents. If you do not provide the Bank with the appropriate completed form, you will be considered a “refusal customer” for FATCA purposes, and the Bank will be forced to report your account information to the IRS, even if it is not authorized.