FATCA
About reporting to the tax authorities of foreign states by JSC “BSB Bank”
Respectable clients,
JSC “BSB Bank” informs You that:
According to the requirements of the Presidential Edict of the Republic of Belarus of 15 October 2015 № 422 “About reporting to the tax authorities of foreign states” and Agreement between the Government of the Republic of Belarus and the Government of the United States of America to improve international tax compliance and to implement FATCA (Foreign Account Tax Compliance Act) (hereinafter – Agreement), JSC “BSB Bank” (hereinafter - Bank) shall identify all the clients in order to find out all U.S. Reportable Accounts. (Criteria referring clients to the category of U.S. tax resident under FATCA)
The information (about account holders, their accounts, account balance or value, turnover on account and earned revenue) determined by the Agreement shall be annually sent to the Ministry of Taxes and Duties of the Republic of Belarus and next to the Internal Revenue Service of the United States.
Sending the information about accounts (contracts) to the Internal Revenue Service of the United States through the Ministry of Taxes and Duties and other performing under the Agreement do not constitute a violation of banking and other legislatively protected secrecy.
JSC “BSB Bank” is registered at the web-site of the Internal Revenue Service (www.irs.gov) as a Reporting Financial Institution under a Model 1 IGA with GIIN (Global Intermediary Identification Number): IEKY2E.99999.SL.112
For/after identification of indicia, which point out the belonging to U.S. taxpayers, existing account holders as well as entities and individuals applying for opening an account (contract) have to fill in the following agreed forms.
- for individuals, including individual entrepreneurs:
Questionnaire for individual
Form W-9 – U.S. citizen or resident (Green Card, “Substantial Presence”)
Form W-8BEN – if indicia are indirect (a U.S. place of birth, residence address, U.S. telephone number, standing instructions to transfer funds to an account maintained in the United States, currently effective power of attorney or signatory authority granted to a person with a U.S. address);
- for entities:
Questionnaire for organization
Form W-9 – if an organization is a resident for tax purposes of the USA (created in the USA or under laws of the USA)
Form W-8BEN-E – if there are one or more controlling persons (beneficial owners), who are U.S. citizens or residents for tax purposes and have 10 and more percent of shares in charter capital;
Form W-9 – U.S. citizen or resident (Green Card, “Substantial Presence”)
Form W-8BEN – if indicia are indirect (a U.S. place of birth, residence address, U.S. telephone number, standing instructions to transfer funds to an account maintained in the United States, currently effective power of attorney or signatory authority granted to a person with a U.S. address);
Respectable clients, to inform You:
According to the paragraph 1.4 of the Presidential Edict of the Republic of Belarus of 15 October 2015 № 422 “About reporting to the tax authorities of foreign states” JSC “BSB Bank” has a right:
- to refuse an organization or an individual opening an account (making a contract), if the Bank has documented reasons to consider them foreign organization or individual in the event of a refusal to fill in agreed forms (within 60 days after a letter of inquiry);
- to revoke unilaterally the concluded contract, if the Bank has documented reasons to consider a client foreign organization or individual in the event of a refusal to provide information and documents, which are necessary to implement obligations under the Agreement, and to give consent to sending the information (within 60 days after a letter of inquiry) and if the continuing fulfillment of a contract may impede to implement obligations under the Agreement;
- to revoke unilaterally the concluded contract in the event of a refusal to give consent to sending the information (within 60 days after a letter of inquiry).
The Bank must inform a client about the termination of a contract in written form or by e-document 30 days earlier.Refusal to perform under the contract does not lead to responsibility of the Bank for inflicted losses and does not impede money back.
The primary source of information:
Agreement between the Government of the Republic of Belarus and the Government of the United States of America to improve international tax compliance and to implement FATCA
In case of divergence of information in Russian and English versions of the site, the Russian version of the site shall prevail.