On 1 December 2015, the Act on the Performance of the Agreement between the Government of the Republic of Poland and the Government of the United States of America (hereinafter the “USA”) to Improve International Tax Compliance and to Implement FATCA of 9 October 2015 came into force. The Act obliges Polish financial institutions to provide information on accounts held by American taxpayers and, as a result, to prevent tax avoidance and the development of tax structures that would facilitate such avoidance.
The Act defines the basic obligations of Polish financial institutions related to the identification of American reportable accounts and accounts held by exempt financial institutions, as well as the obligation to prepare and provide related information to the US tax administration (via Polish tax authorities).
The Act imposes on Polish financial institutions, including Investment Fund Management Companies (TFI), the obligation to obtain from their customers a statement on their US tax residency status.
Since the time FATCA-related provisions started being developed in Poland, ProService Finteco has participated in preparatory works concerning the implementation of the provisions for the market of investment funds.
Our Company provides comprehensive services related to the implementation and maintenance of guidelines resulting from FATCA.
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