On 9 December 2014, Directive 2014/107/EU was published to prevent uncoordinated conclusion of agreements by Member States of the European Union. Based on this Directive, the Polish legislator prepared a law which implemented its provisions as of 1 May 2017.
The regulations are intended to oblige Polish financial institutions to provide information on accounts held by taxpayers from the reporting countries, which in turn is intended to prevent tax avoidance and make it more difficult to build tax structures that facilitate such activity.
The Act defines the basic obligations of Polish financial institutions related to the identification of persons having tax residence in other states, as well as the obligation to prepare and provide related information to the tax administration of reporting states (via Polish tax authorities).
Since the time CRS-related provisions started being developed in Poland, ProService Finteco has participated in preparatory works concerning the implementation of the provisions for the investment fund market, actively taking part in meetings of working parties of the Polish Bank Association and the Chamber of Fund and Asset Management to shape market practices for the implementation of new provisions.
Our Company provides comprehensive services related to the implementation and maintenance of guidelines resulting from CRS.