Vozrozhdenie Bank acts in compliance with all the requirements of the Russian legislation as well as extraterritorial requirements and laws concerning the financial institutions activity in Russia.
On July 1, 2014 Foreign Account Tax Compliance Act (FATCA) issued by the US authorities came into legal force for individuals, FATCA for legal entities came into legal force on January 1, 2015. Vozrozhdenie Bank has registered in the US Internal Revenue Service (IRS) with a status of FATCA Participating FFI.
Our Global Intermediary Identification Number (GIIN) is XHF4KB.00000.LE.643.
Criteria for identification of foreign taxpayers— individuals are determined in Annex 2 to the corresponding Rules — Annexation #2 to the Rules (Russian version)
Criteria for identification of foreign taxpayers — corporates are determined in Annex 2 to the corresponding Rules —Annexation #2 to the Rules (Russian version)
The clients — foreign taxpayers fill in a Self-certification Form for the purposes of FATCA identification.
Self-certification Form for individuals (Russian version)
What is FATCA?
FATCA is the Foreign Accounts Tax Compliance Act that has been adopted as a part of Hiring Incentives to Restore Employment (HIRE) Act of 2010.
FATCA is aimed at prevention of tax evasion by the US residents. Therefore, it stipulates several requirements to the foreign financial institutions on information disclosure and identification of US taxpayers to reveal persons avoiding US taxation by concealment of assets from the US tax authorities.
Details on FATCA are available at the IRS official website http://www.irs.gov.
What are the obligations of financial institutions for the purposes of FATCA?
For the purposes of FATCA financial institutions identify US tax residents among their clients and report information on their financial accounts on the annual basis.
When does FATCA come into force?
For individuals, individual entrepreneurs and persons engaged in private practice identification procedures for the purposes of FATCA came into force on July 1, 2014. For legal entities identification procedures will come into force on January 1, 2015.
What impact will FATCA have on US tax non-residents?
For the purposes of identification a client being US tax non-resident should mark off the relevant box of the Questionnaire or the Agreement. If necessary, a bank’s representative may provide a client with the Self-certification form for the purposes of FATCA identification to be filled in with underlining that the client is not a US tax resident.
FATCA does not imply any obligations for financial institutions to inform the Internal Revenue Service about persons being US tax non-residents. Therefore, if a client is not a US tax resident, FATCA will have no impact on her/him/it.
What documents should be provided by a US tax resident?
For the purposes of identification of US tax residents, clients should mark off the relevant box of the Questionnaire or the Agreement. Persons, who has confirmed their US tax residency, are offered to fill in the Self-certification form for the purposes of FATCA identification in which they should indicate a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
Moreover, US tax residents should give their consent to provide their personal data and information on financial accounts, balances, and turnovers to the Internal Revenue Service. In accordance with the Federal Law №
The bank has a right to request a client for additional documents to be provided within fifteen business days from the date of sending of the request.
What consequences are to follow after the refusal of a US taxpayer to provide the information on her/his/it tax residence and after the refusal to give consent for provision of the information to the Internal Revenue Service?
In accordance with the Article 4 of the Federal Law №
What are the features of identification of legal entities for the purposes of FATCA?
Procedures of identification of corporates for the purposes of FATCA came into force on January 1, 2015.
Self-certification Form should be submitted to the bank in the following cases: