KNF: 1 December deadline for identifying us taxpayers in Poland Onet.pl

we are talking about the obligation to file so-called statements of FATCA arising from the agreement concluded between the Polish government and the U.S. government, and in accordance with the fulfillment of this agreement is the Polish law.

this Obligation applies to some Bank customers, cooperative banks savings and credit, insurance companies, investment funds, brokerage and insurance companies.

“In the event you receive an email from a financial institution or information system in Internet banking, inciting the filing of FATCA, the client must apply no later than December 1, 2016.” – reads the message of KNF.

the Obligation of submission of the application of FATCA, like the Commission, the first clients who signed contracts with financial institutions between 1 July 2014 and 30 June 2015. “The Agency can check the contents of submitted application, requiring submission of documents; the obligation does not apply to physical persons – owners of accounts in which the sum of balances on 1 December 2015. does not exceed 50 thousand. U.S. DOLLARS or its equivalent in another currency”, – says the message.

In the case of clients who concluded an agreement earlier, “checking the status of the taxpayer is based on the client data available on financial institutions”. These companies, however, can “occur for the client on the submission of statements or documents to confirm the tax status of the client.”

In the case that customers who entered into a financial agreement after December 1, 2015. “the statement must be received from the client during the procedure at the conclusion of the contract”.

“In the absence of the application of FATCA through obowiązanego customer before 1 December 2016, accounts and registers shall be temporarily blocked will not be able to make transactions including money withdrawal. After obligations to apply FATCA, accounts and registers of customers are unlocked,” warns the KNF.

the Commission recalls that the submission by the client about the application of FATCA is associated with criminal liability, and “in the event of a change of its tax status in the United States, the client is obliged to update statements.”

the FATCA Agreement allows the transfer of data in the US owners of Bank accounts, brokerage, TFI registers whether the investment policy who are U.S. tax residents, that is, people who have to pay taxes there.