Fatca questionnaire what is it. Fatca - what kind of law is this? Requirements, purpose and form of the Fatca law What is fatca

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 compliance with 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 who understand the importance of the US system in the flow of funds, but at the same time try 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 versions of 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.

One of the main principles of Bank Vozrozhdenie is compliance with all legal requirements Russian Federation, as well as requirements and laws that have extraterritorial effect and affect the activities of financial institutions of the Russian Federation.

On July 1, 2014, the requirements of the law of the United States of America “On the fulfillment of tax requirements on foreign accounts” Foreign Account Tax Compliance Act (hereinafter referred to as FATCA) came into force in relation to individuals, from January 1, 2015, FATCA requirements for legal entities come into force. Vozrozhdenie Bank has registered with the US Internal Revenue Service (IRS) as a financial institution that has joined the FATCA requirements and is obligated to comply with these requirements (Participating FFI).

Bank Vozrozhdenie has been assigned the identification number GIIN (Global Intermediary Identification Number): XHF4KB.00000.LE.643

The bank has appointed a person responsible for compliance with the requirements of the FATCA law, the Rules for identifying US taxpayers among individual clients have been approved, individual entrepreneurs and persons involved private practice and Rules for identifying clients of legal entities subject to the US Foreign Account Tax Compliance Act (FATCA) and updating information about them for the purpose of implementing the requirements of the Law (hereinafter referred to as the Rules).

The criteria for classifying a client - a foreign taxpayer - an individual, an individual entrepreneur and a person engaged in private practice are defined in Appendix No. 2 (PDF, 102.9 KB) to the relevant Rules.

The criteria for classifying a client - a foreign taxpayer - a legal entity are defined in Appendix No. 2 (PDF, 157.8 KB) to the relevant Rules.

Note!

from the client - a foreign taxpayer, the necessary information is provided by filling out the Client Self-Certification Form for FATCA purposes.

Questionnaire for a tax resident - individual/individual entrepreneur for FATCA purposes (PDF, 226.9 KB)

Memo for the client - FATCA legal entity (PDF, 288.6 KB)

Questionnaire for a tax resident - a legal entity that is not a credit organization for FATCA purposes (PDF, 454 KB)

Memo for the client - legal entities according to FATCA (PDF, 297.9 KB)

FAQ

What is FATCA?

FATCA - (Foreign Accounts Tax Compliance Act) Law "On the implementation of tax requirements on foreign accounts", which is part of a package of economic measures aimed at maintaining employment in the United States - Hiring Incentives to Restore Employment (HIRE) Act of 2010.

The main purpose of FATCA is to prevent US tax residents from paying taxes to the US treasury.

In this regard, FATCA establishes a number of requirements for foreign financial institutions to disclose information and identify US taxpayers, which are aimed at identifying individuals who evade US taxation by hiding their assets from US tax authorities.

Detailed information about FATCA can be found on the official website of the US Internal Revenue Service at http://www.irs.gov.

What are the responsibilities of financial institutions under FATCA?

In order to comply with FATCA requirements, financial organizations carry out procedures for identifying US tax residents among their Clients.

On an annual basis, financial institutions are required to report information about financial accounts held by US tax residents.

When does FATCA come into effect?

Procedures for identifying individuals, individual entrepreneurs and persons engaged in private practice for the purposes of FATCA came into force on July 1, 2014.

The most important!

How will FATCA affect non-US tax residents?

In order to identify a client who is not a US tax resident, he must check the appropriate box in the Questionnaire or Agreement. If necessary, a Bank employee can issue the client a Self-Certification Form for FATCA purposes, which must be filled out, noting that he is not a US tax resident.

What documents must be submitted by a US tax resident?

In order to identify US tax residents, clients must check the appropriate box in the Questionnaire or Agreement. Individuals indicating that they are US tax residents will be asked to complete a FATCA Self-Certification Form, which requires US tax residents to provide a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).

In addition, US tax residents must consent to the submission of their personal data and information about accounts, balances and turnover to the US Tax Authority. Consent to transfer information to the US Tax Authority in accordance with Federal Law dated June 28.

2014 No. 173-FZ is a simultaneous consent to the transfer of such information to the Central Bank of the Russian Federation, the federal executive body authorized to carry out the function of combating the legalization (laundering) of proceeds from crime and the financing of terrorism and the federal executive body authorized to control and supervision in the field of taxes and fees.

What are the consequences of a US taxpayer's refusal to provide information about his tax residence and refusal to consent to the submission of data to the US Tax Authorities?

• in case of failure by the client entering into the contract, in respect of whom the credit institution has a reasonable, documented assumption that the client belongs to the category of clients - foreign taxpayers, information necessary for his identification as a client - foreign taxpayer, and (or) in case of failure to provide by a client who is a foreign taxpayer, within fifteen working days from the date of sending the credit organization’s request for consent (refusal to provide consent) to transfer information to a foreign tax authority, the credit organization has the right to refuse the client to conclude a bank account (deposit) agreement or other agreement providing for the provision of financial services .
• in the event that the client - a foreign taxpayer fails to provide, within fifteen working days after the date of the decision to refuse to carry out transactions, the information necessary to identify him as a client - a foreign taxpayer, and (or) in the event that the client - a foreign taxpayer does not provide consent (refusal to provide consent) to transfer information to a foreign tax authority, a credit organization has the right to terminate a bank account (deposit) agreement concluded with it or another agreement providing for the provision of financial services by notifying the client - a foreign taxpayer - no earlier than thirty working days before the date of termination of the relevant agreement .
• in the case of receipt of funds to a bank account (deposit) opened for a client - a foreign taxpayer, after the credit institution makes a decision to refuse to carry out transactions, the credit organization returns payments received in favor of the client - a foreign taxpayer, to the payers' accounts in the sending banks.

What are the features of identifying legal entities under FATCA?

Procedures for identifying legal entities for FATCA purposes come into force on January 1, 2015.
For the purposes of this, you are required to submit to the Bank a completed Self-Certification Form in the following cases:

1. Your organization is a Financial Institution;
2. Your organization is registered/established in the United States or controlled territories under US law;
3. The controlling persons of your company who directly or indirectly own more than 10% of the company's share include an individual who is a US tax resident or a legal entity registered/incorporated in the US.

Source: http://www.vbank.ru/about/fatca/

FATCA Forms. How and why to fill out

When opening a bank account in a foreign or large Russian bank, many today are faced with the need to fill out a FATCA form. But what is it and why should we fill it out?

In accordance with the American Foreign Account Tax Compliance Act of 2010, which came into force on July 1, 2014, American citizens are required to report the presence of foreign accounts they have abroad and provide information on them. .

In addition, the obligation to report to the Internal Revenue Service (IRS) about the presence of accounts of American taxpayers arises for all foreign (non-American) financial institutions (primarily banks, as well as depositories, Insurance companies etc.

financial institutions, which I will write about in more detail later).

Helpful advice!

Thus, the States organized full control over the activities and income arising from these activities of their citizens (please note that America is the only country in which all citizens, without exception, are tax residents of the country by citizenship, regardless of place of residence).

For other states, the obligation to provide information on the accounts of American citizens arises on the basis of intergovernmental FATCA agreements, which have been concluded (or are in the process of approval) by almost all European, and not only European, countries. There are two models of such an agreement:

• Model 1 IGA - the country's financial institutions report on American clients to local tax authorities, and they, in turn, automatically transmit information to the US federal tax service.
• Model 2 IGA - the country's financial institutions report American clients directly to the IRS.

In case of failure to provide information, sanctions are applied, which will be discussed below. Moreover, if a particular bank has not complied with FATCA requirements, then sanctions will be applied specifically to its clients, and if an entire country has not signed FATCA, then this tax withholding measure will be applied to all clients of banks in that country.

To date, Russia has not signed the FATCA intergovernmental agreement. And due to the international situation and the sanctions imposed against Russia, signing is not expected in the near future.

Accordingly, Russian banks (and other financial institutions) are not required to report information on American clients. But not everything is as good as we would like. Because as a result, when making payments with American banks, sanctions may be applied to clients of Russian banks.

To avoid this, many Russian financial institutions (90%) have privately acceded to FATCA requirements (by registering with the federal tax service and obtaining a Global Intermediate Identification Number (GIIN)) and collecting the necessary information from their clients.

I will write about the relationship between the actions of these banking structures and domestic Russian and international legislation in a separate article.

Let us dwell in a little more detail on the application of sanctions to non-FATCA participants (the so-called dishonest account holders). Withholding agents in the States collect a 30% withholding tax on specified US taxable payments made to non-FATCA parties, and such payments include:

• Payments from US sources for interest, dividends, bonuses, annuities, etc., as well as other regular payments (FDAP) from US sources, starting July 1, 2014 (because all willing financial institutions had to register on IRC before July 1, 2014).
• Gross proceeds from the sale or disposition of property on which interest or dividends may accrue from sources within the United States beginning on January 1, 2017.
• Starting in 2017, 30% tax payments will also be levied on specific foreign pass-through payments. Tax agents will submit reports of relevant deductions to the Federal Tax Service.

So, if when opening an account the bank asks you to fill out a FATCA form, then do not be surprised or alarmed. Moreover, if you are not a US taxpayer, you can safely fill it out.

If you do not represent a company that is a financial institution and does not work in the interests of American beneficiaries, then information about you will never be received by the federal tax service.

Therefore, it is better to fill out the form, otherwise the bank may refuse to open an account or conduct transactions.

Note!

In order to identify you, the bank asks you to indicate in the questionnaire the type of company you belong to (applicable to legal entities). The main types are: financial company and non-financial company. If a non-financial company, then an active or passive non-financial company.

Determining your affiliation is necessary to understand the amount of information that needs to be obtained from you. If you are a passive non-financial company (such as a holding company), then you must provide information about the beneficiaries of your business to confirm that there are no US residents.

If you are an active non-financial company, then the amount of information you provide is minimal (in fact, you are limited to checking one box on the form).

There should be no difficulties in determining the type of company to which your organization belongs, because a dictionary with detailed definitions is attached to the form. In short:

Financial companies are banking, depository, investment, specialized insurance organizations, as well as holding companies that are included in the same group as the organizations listed above.

Non-financial companies - all others not related to financial ones, in particular various non-profit organizations(public, administrative, charitable, cultural, etc.).

Active non-financial companies are companies that meet one of the following criteria:

• Less than 50% is passive income or assets that provide passive income;
• Securities are quoted in organized trading;
• Founded in the States and its shareholders are American;
• The government of any country and its divisions;
• Holding companies financing subsidiaries that conduct active business and do not engage in financial activities as defined in the definitions above;
• Companies carrying out financial activities in the interests of affiliates that are not financial companies;
• Companies that have stopped conducting financial activities for five years.

Passive non-financial companies are all companies that do not meet the above criteria. And accordingly, more than 50% is profit in the form of passive income (interest, dividends, royalties, rental payments, etc.).

Thus, if you see that your company is a financial institution, then you have an obligation to join FATCA and report on your American clients. If your company is a passive non-financial company, then you need to inform the bank about your beneficiaries.

If you are an active non-financial company, then to you minimum requirements- just confirm your status in the form. Feel free to fill it out. If suddenly you made a slight mistake or your company changed its status, then there’s nothing wrong with that, the bank will notify you about it as errors are identified.

There are no sanctions for this.

Source: https://zakon.ru/Blogs/formy_fatca_kak_i_zachem_zapolnyat/41513

Compliance with FATCA requirements

In accordance with the requirements of the law of the United States of America “On the implementation of tax requirements on foreign accounts” Foreign Account Tax Compliance Act (hereinafter referred to as FATCA) in relation to individuals and legal entities and the Federal Law of June 28.

2014 No. 173-FZ “On the specifics of carrying out 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”, the bank is obliged to identify foreign taxpayers among its clients.

Energotransbank is registered on the portal of the US Internal Revenue Service (IRS) in order to comply with the requirements of the US Foreign Account Tax Compliance Act (FATCA) as a participating foreign financial institution.
The bank has been assigned a FATCA identifier (Global Intermediary Identification Number, GIIN) GAEQE9.99999.SL.643
FATCA - (Foreign Accounts Tax Compliance Act) Law "On the implementation of tax requirements on foreign accounts", which is part of a package of economic measures aimed at maintaining employment of the US population - Hiring Incentives to Restore Employment (HIRE) Act of 2010. The main goal FATCA is designed to prevent US tax residents from paying taxes to the US Treasury. In this regard, FATCA establishes a number of requirements for foreign financial institutions to disclose information and identify US taxpayers, which are aimed at identifying individuals who evade US taxation by hiding their assets from US tax authorities.

Detailed information about FATCA can be found on the official website of the US Internal Revenue Service at www.irs.gov.

In order to identify a client who is not a US tax resident, he must check the appropriate box in the Questionnaire or Agreement. If necessary, a Bank employee can issue the client a Questionnaire for FATCA purposes, which must be filled out, noting that he is not a US tax resident.

The most important!

FATCA does not provide any obligation for financial institutions to report to the IRS about persons who are not US tax residents. Thus, if the client is not a US tax resident, FATCA does not affect him.

In order to identify US tax residents, clients must check the appropriate box in the Questionnaire. Individuals indicating that they are US tax residents will be asked to complete a FATCA Self-Certification Form, which requires US tax residents to provide a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). In addition, US tax residents must agree to submit their personal data and information about accounts, balances and turnover to the US Tax Authority and the authorized bodies of the Russian Federation (Bank of Russia, Rosfinmonitoring, Federal Tax Service).

The bank has the right to request additional documents from clients, which must be submitted within 15 business days from the date of sending the request.

In accordance with Article 4 of the Federal Law of June 28, 2014 No. 173-FZ “On the specifics of carrying out 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”:

Procedures for identifying legal entities for FATCA purposes came into force on January 1, 2015.
For identification purposes, the Client must submit to the Bank a completed Self-Certification Form in the following cases:

Source: http://www.energotransbank.com/about/requirements-fatca/

Sberbank notifies about registration for FATCA purposes

June 30, 2014, Moscow – In connection with the entry into force of the US Foreign Account Tax Compliance Act (FATCA) on July 1, 2014, Sberbank of Russia has registered 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). Individual identification number: JPCJ0H.00028.ME.643.

FATCA aims to collect information about American taxpayers.

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 of Russia (hereinafter referred to as the Bank), about the possibility of disclosing information about your US taxpayer status for FATCA purposes.

If at the time of your application to the Bank after July 1, 2014 to conclude an agreement for any service, you do not have valid accounts with the Bank, 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 on the Bank’s website in the relevant sections of products and services, 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.

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

Information for clients - individuals

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.

Information for clients - legal entities

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.

And it confirmed its intention to begin exchanging information for 2017 in 2018.

Currently, the Tax Code of the Russian Federation has been supplemented with provisions (Federal Law dated November 27, 2017 No. 340-FZ), according to which Russian organizations financial market are required to identify clients who are tax residents of foreign states (territories) and provide information about such clients and their accounts to the Federal Tax Service of Russia, and clients, in turn, are required to provide this information upon request of a financial organization.

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.

Taxation principles have many pitfalls. Citizens of one country can live in another state and receive profits in a third. In such a situation, it is difficult to track their cash flow. Some residents hide their true income and do not fulfill their tax obligations. The problem of American tax evasion was solved in 2010, when the Foreign Account Tax Compliance Act was adopted in the United States. American FATCA law - what is it? Like normative act aims to tax money held in foreign banks. Under this law, all financial institutions are required to report to the IRS information about the accounts of American residents opened with them. The rule applies to all countries, including Russia.

Russian banks had two options: join the program and report on the finances of their American clients, or refuse and pay a fine of 30 percent of the profits on American assets. 90% of Russian credit and financial institutions agreed to participate in this project. According to the requirements of American structures, they registered on the IRS website and became part of the project participants. By law, they are required to identify their American clients by their citizenship, place of birth, availability of a green card, and permanent residence address.

Bank employees prepare all personal data and account transactions in individual reports, which are encrypted and sent to the Central Bank of the Russian Federation, Rosfinmonitoring and Internal Revenue Service USA. Upon receipt of a request for a specific resident from the IRS, the Russian bank undertakes to redirect the letter to the Central Bank and Rosfinmonitoring within two days. These structures make a decision within up to ten days to provide or prohibit the transfer of information on the required person to the foreign tax service.

FATCA tracks American citizens' bank accounts abroad

Objectives of the law

The purpose of this initiative is to legalize and tax the finances of Americans hidden from the state that are stored on foreign territory. Thanks to this law, banking organizations in all countries monitor their clients. They find Americans among them and provide information about their financial manipulations on bank accounts opened to American tax officials.

Who does FATCA apply to? The law applies to individuals and legal entities who have a bank account in one country and citizenship in another.

1. The categories of persons covered by the law include:
2. People who have been in the states for a long time.
3. Green Card holders.
4. Possession of a US citizen passport.

The financial firm can request such data from the client at any time. In some cases, additional information will be required for FATCA purposes. What is this? This includes a certificate from the American Department of State on Form DS 4083, which indicates the loss or renunciation of citizenship of persons born in the United States. Optional documentation will also be required when the account holder does not hide his financial situation and the bank asks to make a request for his identification number. To do this, the customer fills out Form W-9 to generate the payee name. In addition to this, you will need to prepare one more document.

Banks are required to report customer accounts

Filling out the form

Bank employees enter all personal data of their clients on a special form. It is then sent to the state tax departments. The FATCA questionnaire includes several sections:

• last name and first name of the client;
• date of his birth;
• passport details;
• address of permanent or temporary registration;
• Country of birth;
• indication of the states in which the client pays taxes.

The template is universal for all financial structures. The Sberbank FATKA questionnaire was compiled in strict accordance with the legislation of the Russian Federation. According to it, information about the movement of funds on deposit is considered banking secrecy.

The questionnaire contains a point where the client can refuse to provide personal information. This is permissible if he has Russian citizenship or a second citizenship in a member country of the EEC Customs Union.

Compliance with legal requirements

Banks that have adopted the American regulation have registered on the website of the American tax department. After which, each organization was recognized as a financial institution that complies with US regulations. All participating banks received their GIIN (Global Intermediary Identification Number). Thus, Russian companies signed up to comply with the requirements of American structures, detect foreign individuals in their client base and provide information about their deposits and holdings. Employees of Russian banks send reports on the accounts of American clients to the states every year.