In accordance with the agreement concluded between Romania and the USA - here - ratified by Law no. 233/2015 on ratifying the Agreement between Romania and the United States of America to improve international tax compliance and to implement FATCA, signed in Bucharest on May 28, 2015 and Art. 62 of Law no. 207/2015 regarding the Fiscal Procedure Code, the bank identifies FATCA and CRS (Common Reporting Standard) relevant persons and sends their personal information and financial data to A.N.A.F.
The deadline for reporting the information provided in the FATCA Agreement for the years 2014 and 2015 was 31.08.2016 according to the Emergency Ordinance no. 13 of 11 May 2016 to prorogue the deadline provided in art. 62 para. (3) of Law no. 207/2015 regarding the Fiscal Procedure Code and Order no. 1939/2016 of 18 August 2016 on the establishment of financial institutions that have the obligation to declare, categories of information concerning the identification of taxpayers and financial information regarding the accounts opened and/or closed by such persons with financial institutions, non-reporting financial institutions in Romania and accounts excluded from the obligation to declare, the rules of compliance applicable to these institutions to identify accounts reportable by them and the procedure for declaring such information and rules and administrative procedures meant to ensure the implementation and compliance of the reporting and fiscal diligence procedures provided in international legal instruments to which Romania has committed.
CRS (Common Reporting Standard) - is the global standard for the automatic exchange of financial information between countries. Target information include investment income (including income from interest, dividends, capital gains, etc.) held by taxpayers in the accounts of financial institutions in the countries participating in the global exchange of financial information. The global standard for the exchange of financial information and the multilateral agreement for the automatic exchange of information was initiated by the OECD (Organisation for Economic Cooperation and Development) and the European Commission. The standard has three directions: information to be reported, reporting entities and accounts subject to reporting. Romania has provided the required legal framework by the transposition of the European provisions in the Fiscal Procedure Code, which entered into force since 1 January 2016.
Idea Bank SA is required to provide the tax authorities certain information regarding accounts held by account holders resident in another country than Romania, as follows:
- In the case of an individual who is an account holder and a person subject to reporting: name, address, jurisdiction of residence, tax identification number(s) (NIF) and date and place of birth;
- In the case of an entity (legal person) who is an account holder and a person subject to reporting: name, address, jurisdiction of residence and tax identification number(s) (NIF);
- In the case of an entity who is an account holder and is identified as having one or more Persons controlling it that are subject to reporting:
- name, address, jurisdiction of residence and tax identification number(s) (NIF) of the Entity;
- name, address, jurisdiction(s) of residence, tax identification number(s) (NIF) of the persons and date and place of birth of each Person subject to reporting;
- Account number;
- The available balance or account value valid at the end of the relevant calendar year or, if the account was closed during the reporting period, the value of the last transaction before account termination.
- Total gross amount paid or credited to the account holder in relation to the relevant account during the calendar year in relation to which Idea Bank SA is a debtor or responsible to pay, including the agreed amount of any repayments paid to the account holder during the calendar year.
Idea Bank SA will record the above information in the bank’s systems, and will disclose to tax authorities only such information that are to be disclosed according to the Romanian law. This information can be exchanged with other tax authorities. We would like to emphasize that this personal data processing is necessary in order to fulfill a legal obligation of the bank and, according to art. 5 para. 1 letter c) of Law no. nr.677/2001 (republished, as subsequently amended and completed), the data subject’s consent is not necessary. Without prejudice to its customers, Idea Bank SA confirms that they will benefit from all rights under this law, rights that were notified to bank customers in the contractual documents.