The President signed a law allowing the implementation of FATCA

President Andrzej Duda signed last Friday a bill whose aim is to implement FATCA legislation – said the office of President. The law is designed to prevent US taxpayers hiding income abroad.

The Act creates a legal basis that will allow implementation of the provisions under the international agreement ws. Improve the achievement of international tax obligations and the implementation of FATCA legislation. The agreement entered into force on 1 July 2015. And the law adopted on Friday by the Parliament, would enter into force after 14 days from the date of its publication in the Official Gazette. The purpose of FATCA is to oblige foreign financial institutions to enter into agreements directly with the US tax authorities. As for their commitment to transfer to the United States accounts data owned by American taxpayers (residents, citizenship or permanent residency in the US).

The information will be transferred without prior request

The Act contains regulations implementing into national law the rules necessary for identification, collection, processing and transmission by the Polish financial institutions of information on financial accounts held by citizens or residents of the United States to the national tax administration. The information will be transferred without prior request, at pre-established regular intervals. Obtained in this way they will then be subject to an exchange between the Polish and the United States based on the standard automatic exchange of information.
The principle of reciprocity in the transfer of information

agreement between the Polish and the US provides for the principle of reciprocity in the transfer of information, which means that Poland will have access on an automatic exchange of information to the data about the owners, turnover and balances of accounts held in the US to Polish tax residents. PAP, bless