fatca

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Act issued by the US Treasury Department (FATCA) is a US law promulgated on March 18, 2010 and entered into force on July 1, 2014.

FATCA is a reporting requirement for financial institutions, which is based on accounts held by US taxpayers.

BC”MAIB”S.A. registered on the US Internal Revenue Service (IRS) portal with the status “Participating Foreign Financial Institution” and obtained the Global Intermediary Identification Number (GIIN) under the FATCA - GIIN program: 00HD6D.99999.SL.498.

The Government of the Republic of Moldova signed the Cooperation Agreement with the USA (type 2) on facilitating the implementation of the FATCA provisions (IGA 2 model) on November 26, 2014, which states that “Financial institutions report directly to the IRS information on accounts held by US taxpayers and by entities whose substantial shareholders are US taxpayers”.

BC”MAIB”S.A. recognizes the importance of FATCA and applies FATCA requirements in its activity. In the international tax approach, FATCA has become a global standard for anti-tax avoidance measures, with more and more countries concluding such intergovernmental agreements.

http://www.treasury.gov/resource-center/tax-policy/treaties/pages/fatca-archive.aspx