Exchange Of Information On Financial Accounts With The United States For The Purposes Of Tax Administration

Original Language Title: výměna informací o finančních účtech s USA pro účely správy daní

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Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=83206&nr=330~2F2014~20Sb.&ft=txt

330/2014 Sb.



LAW



of 10 June 1999. December 2014



on the exchange of information on financial accounts with the United States of America

for the purposes of tax administration



Parliament has passed the following Act of the United States:



PART THE FIRST



INTRODUCTORY PROVISIONS



§ 1



The subject of the edit



(1) this Act in pursuance of an international agreement regulates the exchange of

information, which includes



and) collect information about the g/l accounts for tax residents

The United States of America, Czech financial institutions and

notification to the tax authorities,



(b)) the transmission of information on financial accounts to tax residents of the United

States of America point of contact to the focal point of the United States

of America,



c) receiving information on financial accounts to tax residents of the United

States in the United States point of contact from the

the focal point of the United States and



d) obligations related to payments to the financial neúčastnícím

institutions.



(2) the law also modifies the penalties for breaches of the obligations laid down

financial institutions.



(3) the international agreement for the purposes of this Act, the agreement between the

The Czech Republic and the United States of America on the improvement of compliance with

tax legislation at the international level and with regard to the legal provisions

The United States on information and reporting in General

known as the Foreign Account Tax Compliance Act, which is part of the

the legal order of the Czech Republic.



§ 2



The concepts of



If there are terms used in this law defined by international agreement,

have the meaning given by an international agreement.



§ 3



Relationship to other laws



Unless otherwise provided in this Act, it shall proceed according to the law governing

international cooperation in the administration of taxes, and, according to the tax code.



§ 4



The tax administrator



The tax administrator who performs the acts, minor procedures or the other procedures

under this Act, is specialized to the tax office.



§ 5



Procedural status of financial institutions



Announcing the Czech financial institutions and the United neoznamující the financial

institutions have for the purposes of this law, the procedural status of the tax

entity.



PART TWO



THE COLLECTION AND REPORTING OF THE INFORMATION ABOUT THE G/L ACCOUNTS



TITLE I OF THE



THE OBLIGATION TO OBTAIN THE IDENTIFICATION NUMBER



§ 6



An application for an identification number



(1) Notifying United financial institution will ask the contact point

The United States on the allocation of an identification number.



(2) Neoznamující the Czech financial institution that leads the notified aid

the American account, ask the contact point of the United States of America on the

the allocation of an identification number, if it is to be allocated by the

the international treaty.



(3) the financial institution asks for an identification number so that it won

no later than the day preceding the day on which the tax is to

the notification.



(4) a financial institution shall notify the tax identification number to 15

days from the date of allocation.



TITLE II



REVIEW AND INITIAL THE OBLIGATION TO



§ 7



Scan



(1) that States the Czech financial institutions examines whether in the calendar

year results



and notified the American account,)



b) account, the owner of which is not participating in the financial institution.



(2) that States the Czech financial institution uses in the performance review

the obligations of the



and due diligence procedures) under international treaties,



(b)) other comparable procedures, the use of which enables international

the contract.



(3) that States the Czech financial institution shall notify the procedures under

paragraph 2 (a). (b)) the tax administrator.



§ 8



Discovery



(1) Notifying United financial institution detects data on notified

the American account per calendar year.



(2) the information shall be notified of the U.S. account, the owner of which is



and specified American person)



(b)) a legal person or unit without legal personality, whose

a controlling person is specified by an American person.



(3) the Survey data about the owner notified the U.S. of the account are

his



and the name or designation),



(b)), the date and place of birth,



(c) permanent address) or another residence or address of the registered office and



(d) Federal tax identification number) of the United States of America and the

tax identification number or other similar number used for tax

purposes in the State where he is resident, and the code of that State.



(4) the information referred to in paragraph 3 shall be determined by the controlling person and according to the

paragraph 2 (a). (b)).



§ 9



The obligation of cooperation



(1) the owner shall provide the necessary cooperation of the Czech financial institution

for the performance review and initial obligations.



(2) the Cooperation referred to in paragraph 1 shall provide the controlling person and the owner of the

account.



§ 10



Retention of documents



Announcing the Czech financial institution is obliged to keep the documents

relating to the performance of the duties of the review and discovery for 10 years

Since the end of the calendar year in which those obligations are being met.



TITLE III



THE OBLIGATION OF NOTIFICATION



§ 11



Notification



(1) Notifying United financial institution that runs in a calendar year

notified the American account, the tax administration shall submit a notice stating



and) identification number allocated in accordance with an international agreement,



(b)), its name or designation, the identification number of the person under the Act

governing the State statistical service,



(c)) the number of each notified the American account,



d) data collected through the performance of discovery obligations on



1. the owner of each notified the American account,



2. specified u.s. person who is a controlling person of the owner

notified the American account, which is a legal person or unit

without legal personality,



(e) the balance of funds on) each notified the American account

or its value



1. at the end of the calendar year,



2. on the date immediately preceding the cancellation notified the U.S.

account, or



3. the period provided for in international agreements,



(f)) for more details under international treaties,



g) a declaration that in the performance review obligation to properly apply

due diligence procedures or other comparable procedures.



(2) if the screening shows that notifying the Czech financial institutions

in the calendar year does not lead any notified American account, this

the fact the tax administrators.



(3) that States the Czech financial institution that runs in a calendar year

account, the owner of which is not participating in the financial institution, shall notify the

the fact the tax administrators.



(4) if the neoznamující Czech financial institutions as an entrepreneur

activities of the same kind which carry out financial institutions, and in the case of

Government entity or international organisation, or in the case of the Czech national

the Bank serves a notice under paragraph 1, in respect of such business.



§ 12



The deadline for the submission of notifications



(1) the notification shall be submitted by 30 June. June of the calendar year following the

calendar year for which the notification requirement is met.



(2) the notification period cannot be extended.



section 13 of the



Method of notification



(1) notification shall be a data message



a) signed by the recognized electronic signature or



(b)) with a verified identity that way, you can sign in to

the data boxes.



(2) the format and structure of a data message shall be published by the tax administrator in a manner

allowing remote access.



TITLE IV



CONSEQUENCES OF VIOLATION OF THE OBLIGATIONS OF A FINANCIAL INSTITUTION



§ 14



The penalty for failure to fulfil obligations non-monetary nature



The tax administrator may impose a fine on Czech financial institution for failure to

the obligations of the non-monetary in nature, if the breach



and the obligation to obtain the identification number),



(b) the obligation, to review)



(c) discovery obligation)



(d)) the obligation to keep documents relating to the performance of the audit and

Discovery obligations,



(e)) the notification obligation.



PART THREE



THE TRANSMISSION AND RECEIPT OF THE INFORMATION ABOUT THE G/L ACCOUNTS



TITLE I OF THE



TRANSMISSION OF INFORMATION



§ 15



How the tax administrator



The tax administrator shall forward the information notified on the basis of the performance of the notification

the obligations of the central liaison office of.



section 16 of the



How a central contact authority



(1) the central liaison office shall transmit the information received from the administrator

taxes, the focal point of the United States in the manner prescribed

their mutual agreement.



(2) the central liaison office shall forward the data obtained to 30. September

the calendar year following the calendar year for which they were

the information notified.



TITLE II



RECEIVING INFORMATION



§ 17



How a central contact authority



The central liaison office receives information from point of contact

The United States notified under international treaties.



PART FOUR



PAYMENTS TO FINANCIAL INSTITUTIONS NEÚČASTNÍCÍM



section 18



Obligations for the payment of not participating in the financial institution



Announcing the Czech financial institutions not participating in the financial

institution or arrange payment of the remitted to the resources on the territory of the

United States of America



and,) will provide from whom the payment was received, the information necessary for

notification related to this payment and the chamfer of the tax of the United States

America under international treaties, or




(b) the amount corresponding to the tax will drive down) of the United States according to the

the international treaty, if it is committed against that State, and

send it to that State.



PART FIVE



TRANSITIONAL PROVISIONS



§ 19



Previously existing g/l accounts



(1) for the g/l account that announcing the Czech financial institutions led

the date referred to in the international agreement is not required to the date referred to in

international agreement to discover and notify the federal tax

the identification number of the United States of America and the tax identification

number or other similar number used for tax purposes; If her

known, notify them.



(2) if they are not announcing the Czech financial institution is aware of the identity

the numbers referred to in paragraph 1, it shall notify them instead of date of birth, if available,

known.



(3) in the g/l account, stating that the Czech financial institutions led

the date referred to in the international treaty, stating that the Czech financial

institution review the obligation no later than the date referred to in

International Treaty.



section 20



Special notification requirements



Announcing the Czech financial institutions in accordance with the international agreement

notify per calendar year 2015 and 2016, the name of not participating in the financial

the total amount of the payment institution and, in a given calendar year

It pointed out or brokered.



PART SIX



The EFFECTIVENESS of the



section 21



This Act shall take effect on the date of entry of the international treaty in

force.



Hamáček in r.



Zeman in r.



Sobotka in r.