Law for the automatic exchange of information on financial accounts in tax matters

Original Language Title: Gesetz zum automatischen Austausch von Informationen über Finanzkonten in Steuersachen

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Law for the automatic exchange of information on financial accounts in tax matters (Financial Account Information Exchange Act-FKAustG)

Unofficial table of contents

FKAustG

Date of completion: 21.12.2015

Full quote:

" Financial Account Information Exchange Act of 21 December 2015 (BGBl. I p. 2531) "

This Act is designed to implement Council Directive 2011 /16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77 /799/EEC (OJ L 378, 27.11.2011, p. 1.), as amended by Directive 2014 /107/EU (OJ L 327, 11.12.2014, p. 1) as well as the implementation of the law on the Multilateral Agreement of 29 April 2014. October 2014, between the competent authorities on the automatic exchange of information on financial accounts (CRS-MCAA) of 21 December 2015 (BGBl. 2015 II p. 1630).

Footnote

(+ + + Rejected text not yet documented + + +) 
(+ + + Official note from the norm-provider on EC law: 
 Implementation of the 
 EURL 16/2011 (CELEX Nr: 32011L0016) + + +)

The G was decided as Article 1 of the G v. 21.12.2015 I 2531 by the Bundestag with the consent of the Bundesrat. It's gem. Art. 8 (1) of this G entered into force on 31.12.2015. Unofficial table of contents

Content Summary

Section 1General provisions

§ 1	Scope
§ 2	Common reporting standard
§ 3	Obligations of financial institutions
§ 4	Competent authority
§ 5	Duties of the Federal Central Office for Taxes
§ 6	Dismissal; date of initial application

Section 2Reporting and due diligence
for information on financial accounts

§ 7	Reporting and due diligence for information on financial accounts
§ 8	General Reporting Obligations
§ 9	General duty of care
§ 10	Due diligence in existing accounts of natural persons
§ 11	Accounts of lesser value
§ 12	High value accounts
§ 13	Due diligence in the case of new accounts of natural persons
§ 14	Due diligence in existing accounts of legal entities
§ 15	Review period and additional procedures for existing accounts of legal entities
§ 16	Due diligence in the case of new accounts of legal entities
§ 17	Special due diligence regulations
§ 18	Summary of account balances and currencies
§ 19	Definitions
§ 20	Other definitions

Section 3Supplementary Melde-and
Due diligence requirements for information on financial accounts

Section 21	Change of circumstances
Section 22	Self-disclosure in new accounts of legal entities
Section 23	Failure of a financial institution
§ 24	Guided Accounts
Section 25	Trusts who are passive NFEs
Section 26	Address of the main office of a legal entity
§ 27	Application Determination
§ 28	Fines

Section 1
General provisions

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§ 1 Scope

(1) This Act applies to the automatic exchange of information on financial accounts in tax matters;

1.: Member States of the European Union as a result of Council Directive 2011 /16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77 /799/EEC (OJ L 378, 27.11.2011, p. 1.), as amended by Directive 2014 /107/EU (OJ L 327, 11.12.2014, p. OJ L 359, 16.12.2014, p. 1), and
2.: Third countries, the Contracting Parties to the Multilateral Agreement of 29 signed by the Federal Republic of Germany in Berlin October 2014, between the competent authorities on the automatic exchange of information on financial accounts (BGBl. 1630, 1632), which have incorporated them into their national law and are parties to the Convention on Mutual Administrative Assistance in Tax Matters (BGBl. 966, 967), which ensure that they fulfil the conditions set out in § 7 (1), in particular point (e) of the Multilateral Agreement of 29. The Commission will be responsible for the exchange of information on financial accounts between the competent authorities in October 2014.

(2) For the implementation of the reporting and due diligence obligations, the definitions given in § 19 and the other definitions in accordance with § 20 shall apply. Unofficial table of contents

§ 2 Common reporting standard

In accordance with the applicable reporting and due diligence obligations and supplementary reporting and due diligence regulations, the Federal Central Office for Taxes shall exchange with the competent authority of each of the competent authorities within the specified period in accordance with § 5 (2) in conjunction with § 27 other notifiable State which is required to do so by the financial institutions in accordance with the provisions of this Act; these are:

1.

the name, address, the tax identification number or numbers and, in the case of natural persons, the date of birth and the place of birth of any person liable to be notifiable, who is the holder of a notifiable account, and in the case of a legal person who: account holder, and for whom, following the application of procedures for the performance of due diligence, one or more dominant persons are identified in accordance with the common reporting standard, who are persons subject to notification, the name, address and the tax identification number or numbers of the legal entity and the name, the address, the tax identification number or numbers, the date of birth and the place of birth of each person liable to be notifiable;

2.

the account number or functional equivalent, if there is no account number;

3.

the name and, where appropriate, the identification number of the reporting financial institution;

4.

the account balance or account value, including the cash value or the repurchase value for repurchase insurance or pension insurance contracts at the end of the calendar year in question, or any other appropriate reporting period, or, if the account is in the During the year or period, the resolution of the account has been resolved;

5.

in depositary accounts

a): the total gross amount of the interest, the total gross amount of the dividends and the total gross amount of other revenue generated by the assets held in the account, and in each case in the account or in the account in the course of the the calendar year or any other appropriate reporting period, or credited to the account; and
b): the total gross proceeds from the sale or repurchase of financial assets which have been paid into the account or credited to the account during the calendar year or other appropriate reporting period and for which the reporting financial institution acting as a depositary, a broker, an authorised representative or other representative of the account holder;

6.

in the case of deposit accounts, the total gross amount of the interest paid into the account or credited to the account during the calendar year or any other appropriate reporting period, and

7.

in the case of all other accounts which are not depositary accounts or deposit accounts, the total amount of gross amount paid to or credited to the account holder in respect of the account during the calendar year or any other appropriate reporting period and for which the reporting financial institution is the debtor, including the total amount of any redemption amounts made to the account holder during the calendar year or any other appropriate reporting period.

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§ 3 Obligations of financial institutions

(1) The financial institutions obligated by this Act shall have the reporting and due diligence obligations and supplementary reporting and due diligence requirements in respect of the procurement and forwarding of the information within the meaning of Section 8 of this Act. (2) The financial institutions obliged to collect, store and process the data and information required by this law to the extent necessary for the performance of their obligations under paragraph 1. (3) The financial institutions shall, in accordance with Paragraph 1 shall have the documents drawn up in the performance of the duties referred to in paragraph 1. for ten years. The period for storage shall begin at the end of the year,

1.: where the financial institutions or service providers within the meaning of Article 9 (4) have collected the information referred to in paragraph 2, or
2.: in which the account shall be dissolved, in so far as the documents referred to in the first sentence are required for the further performance of the obligations referred to in paragraph 1.

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§ 4 Competent authority

The competent authority within the meaning of this law is the Federal Ministry of Finance, in so far as the Federal Central Office is not responsible for taxes pursuant to Section 5 (1) (5b) of the Finance Management Act. Unofficial table of contents

§ 5 Tasks of the Federal Central Office for Taxes

(1) The Federal Central Office for Taxes, as the competent authority within the meaning of Section 4 of the reporting financial institutions, shall be the data in accordance with § 8 of the officially prescribed data record electronically for the first time at 31 July 2017. , The Federal Ministry of Finance announcates the officially prescribed data set in the Federal Tax Bulletin. (2) The Federal Central Office for Taxation shall send the data transmitted to it by the financial institutions pursuant to paragraph 1 to the competent authority of the Federal Republic of Germany. in each case to other States within the meaning of Article 1 (1). The Federal Central Office for Taxes also stores the data transmitted. (3) The Federal Central Office for Taxes accepts the data transmitted by another competent authority of a state within the meaning of § 1 paragraph 1, stores it and forwards it to the public. (4) The Federal Central Office for Taxes is entitled to evaluate the data submitted to it pursuant to paragraphs 1 and 3 for the performance of the Federal Central Office (Bundeszentralamt) to carry out statutory tasks for tax purposes. This shall not affect the evaluation of the data by the respective competent national financial authority. (5) The data stored by the Federal Central Office for Taxes pursuant to paragraphs 2 and 3 shall be transferred from the date of the transmission referred to in the first sentence of paragraph 2 for years. With the end of a year of retention after the first sentence, the data is deleted. If, before the date referred to in the second sentence, a notification of change is received, the time limit set out in the first sentence shall begin with the date on which the notice of change has been received. (6) The Federal Central Office for Taxes shall be responsible for checking compliance with the Financial institutions responsible for reporting and due diligence obligations, special due diligence and supplementary reporting and due diligence requirements for financial accounts information. § § 193 to 203 of the tax regulations apply accordingly. (7) The data collected and stored pursuant to this law by the Federal Central Office for Taxes as the competent authority may only be used for the provisions in the underlying regulations pursuant to § 1 paragraph 1. Unofficial table of contents

§ 6 Ansatiation; date of initial application

(1) In order to safeguard the reporting and due diligence obligations laid down in this Act, financial institutions shall have the tax assets of the holder of the accounts to be charged and assigned to his account, irrespective of whether the accounts are in accordance with the law applicable to the accounts and to the accounts held by them. Account holder or other customer for a notifiable person in the sense of reporting and due diligence obligations under this Act. In the case of the imposition of the tax in accordance with the first sentence, the accounts held by the financial institutions shall be considered as accounts for which the reporting and due diligence obligations under this Act are to be complied with; this shall also include the collection of the accounts. (2) Each reporting financial institution shall, prior to the first-time transmission of data in accordance with § 8 of each data subject, communicate in general terms or make it accessible that the data determined under this Act shall be: as far as required by this law, to the Federal Central Office for Taxation for purposes of (3) Reporting financial institutions shall, for the first time, have the data to be collected under this Act for the fiscal year 2016 to 31 July 2017 to the Federal Central Office for Taxes and to The following years shall be submitted for the following years, each until 31 July of a subsequent year.

Section 2
Reporting and due diligence for information on financial accounts

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§ 7 Reporting and due diligence obligations for information on financial accounts

§ § 8 to 26 lay down general reporting and due diligence obligations, special due diligence regulations and supplementary reporting and due diligence regulations, which are to be observed by reporting financial institutions, so that the Federal Central Office for Taxes the data referred to in § 2 may be transmitted to the competent authority of the other State within the meaning of Article 1 (1) by means of automatic exchange of information. Unofficial table of contents

Section 8 General reporting requirements

(1) Subject to the provisions of paragraphs 2, 3 and 4, each reporting financial institution shall, in respect of each notifiable account of that reporting financial institution, be required to provide the Federal Central Office for Taxes with the following information pursuant to this Act in accordance with Article 5 (1) of this Act. report:

1.

the name, address, the State or States of the country or states referred to in Article 1 (1), the tax identification number or numbers and, in the case of natural persons, the date of birth and the place of birth of any person who is subject to a notifiable person, the holder of a notifiable account, as well as in the case of a legal entity, the account holder, and for which one or more dominant persons have been identified in accordance with § § 13, 14 to 17 after the application of the procedures for the performance of the due diligence obligations, the persons who are subject to reporting are, the name, the address, the person or the person who is The State or States of the Member States and the tax identification number of the legal entity, and the name, address, state or state of residence and the tax identification number or numbers, the date of birth and the place of birth any person subject to the notification;

2.

the account number or functional equivalent, if there is no account number;

3.

the name and, where appropriate, the identification number of the reporting financial institution;

4.

5.

for depositary accounts:

a): the total gross amount of the interest, the total gross amount of the dividends and the total gross amount of other income generated by the assets held in the account and in each case in the account or in relation to the account in the course of the the calendar year or any other appropriate reporting period, or credited to the account; and
b): the total gross proceeds from the sale or repurchase of financial assets which have been paid into the account or credited to the account during the calendar year or other appropriate reporting period and for which the reporting financial institution acting as a depositary, a broker, an authorised representative or other representative of the account holder;

6.

in the case of deposit accounts, the total gross amount of the interest paid into the account or credited to the account during the calendar year or any other appropriate reporting period, and

7.

in the case of all other accounts other than those referred to in point 5 or 6, the total gross amount paid to or credited to the account holder in respect of the account during the calendar year or any other appropriate reporting period; and for which the reporting financial institution is the debtor, including the total amount of any redemption amounts made to the account holder during the calendar year or any other appropriate reporting period.

Data reported in accordance with the first sentence of 1 (4) to (7) must be called the currency to which the amounts are denominated. (2) The tax identification number or numbers and the date of birth must be made in respect of accounts which are subject to notification and which are existing accounts; not be notified if this tax identification number or numbers or the date of birth are not included in the documents of the reporting financial institution and not according to national law or other legal instruments of the The European Union shall be recognised by this reporting financial institution. However, a reporting financial institution shall be obliged to make reasonable efforts to ensure that, in the case of existing accounts, the tax identification number and the date of birth until the end of the second calendar year following the year in which the existing accounts are (3) The tax identification number is not to be reported if a tax identification number is not issued by the country concerned. (4) The place of birth is not to be reported, it is not necessary to report the tax identification number. because,

1.: the reporting financial institution has or had to procure and report it under national law, or has the reporting financial institution, or had it in accordance with a valid European Union legal instrument in force on 5 January 2015 procure and report and
2.: it is available in the electronically searchable data of the reporting financial institution.

(5) When reporting the data referred to in paragraph 1, appropriate protective measures against unauthorised access, unauthorised alteration and unauthorised disclosure of the data shall be guaranteed by the financial institutions. Unofficial table of contents

§ 9 General due diligence obligations

(1) An account shall be deemed to be a notifiable account from the day on which it is identified as such in accordance with the procedures for the performance of the due diligence obligations in accordance with § § 9 to 18. Unless otherwise provided, the data relating to a notifiable account shall be reported annually in the calendar year following the year to which the data relates. (2) The balance or value of an account shall be the last day of the calendar year or of any other appropriate reporting period. (3) If a balance or value limit is to be determined on the last day of a calendar year, the balance or value must be determined on the last day of the reporting period, which ends with this calendar year or within this calendar year. (4) Melend Financial institutions may, in order to comply with the reporting and due diligence obligations imposed on them under this Act, take advantage of service providers, the responsibility for the performance of these duties still being with the reporting financial institution. (5) Reporting financial institutions may apply the procedures applicable to new accounts for the purpose of carrying out due diligence on existing accounts and the procedures applicable to accounts of high value for the fulfilment of due diligence obligations on accounts of less Apply value. If a reporting financial institution applies the procedures applicable to new accounts in order to comply with the due diligence obligations on existing accounts, the otherwise applicable rules for existing accounts shall continue to apply. Unofficial table of contents

§ 10 Due due diligence in existing accounts of natural persons

(1) The identification of notifiable accounts under the existing accounts of natural persons is governed by § § 11 and 12. (2) An existing account of natural persons, which has been identified in accordance with § § 11 and 12 as a reporting account, shall be considered as a notifiable account in all subsequent years, unless the account holder is no longer a notifiable person. Unofficial table of contents

§ 11 Accounts of lesser value

(1) Accounts of lesser value shall apply:

1.

House address: if, on the basis of the evidence collected, the reporting financial institution has a current address of the natural person, which is the account holder, the reporting financial institution may determine the natural person who is the account holder to determine whether: this person, who is an account holder, is a notifiable person, than to be treated as a resident of the State in which the address is located;

2.

Search in electronic records: the reporting financial institution shall not be required to leave the reporting financial institution in respect of a current home address of the natural person, which is the account holder, and shall not be subject to recorded supporting documents as referred to in point 1. Check electronically searchable data for the following circumstantial evidence and apply paragraphs 2 and 3:

a): the identification of the account holder as a resident of a notifiable State within the meaning of Article 1 (1),
b): the current postal address or address, including a postal address in a notifiable State within the meaning of Article 1 (1),
c): one or more telephone numbers in a notifiable state, and no telephone number in the Federal Republic of Germany,
d): a standing order, except in the case of deposit accounts, for transfers to an account held in a notifiable State within the meaning of Article 1 (1),
e): a current valid authority or title of title issued to a person with an address in a notifiable State within the meaning of Article 1 (1), or
f): a post-storage order or a c/o address in a notifiable State within the meaning of Article 1 (1), provided that no other address of the holder of the account is available to the reporting financial institution.

If no circumstantial evidence within the meaning of sentence 1 (2) is found in the electronic search, no further measures shall be required until such time as there is a change in circumstances resulting in the account being associated with one or more circumstantial evidence , or the account becomes an account of high value. In the case of electronic search, circumstantial evidence as defined in point 2 (a) to (e) of the first sentence shall be established or if there is a change in circumstances which result in the account being assigned to one or more circumstantial evidence, the The reporting financial institution shall consider the account holder as a taxable person in each reporting State within the meaning of Article 1 (1), for which an indication is identified, unless the reporting financial institution decides on the The application of paragraph 3 and one of the exceptions referred to therein shall apply to that account. (2) electronic search as referred to in paragraph 1, first sentence, point 2, a postal order or a c/o address and no other address and no indication of the account holder listed in the first sentence of paragraph 1 (2) (a) to (e) shall be determined by the apply the search in paper documents as described in section 12 (1), first sentence, point 2, in the most appropriate order, or try to obtain from the account holder a self-disclosure or supporting document in order to obtain the tax To determine the account holder's compliance or tax deductions. If no indication is found in the search in paper documents and if the attempt to obtain a self-disclosure or supporting evidence is unsuccessful, the reporting financial institution must have the account as an undocumented account to the Federal Central Office for Taxation (3) In the event that evidence of circumstantial evidence referred to in the first sentence of the first sentence of paragraph 1 is concerned, a reporting financial institution shall not consider an account holder to be a resident of a reporting State within the meaning of Article 1 (1) of this Regulation:

1.

the data of the account holder shall contain a current postal address or a house address in that notifiable State within the meaning of § 1 (1), one or more telephone numbers in that notifiable State within the meaning of § 1 (1) and no telephone number in the Federal Republic of Germany, or a standing order, in the case of financial accounts with the exception of deposit accounts, for transfers to an account held in a declarable State within the meaning of Article 1 (1), and the reporting financial institution shall procure the the following documents or have already been examined and recorded:

a): a self-disclosure by the holder of the account of his or her country of affiliation, or of its countries which do not include that reporting State; and
b): Evidence of the non-reporting status of the account holder;

2.

the data of the account holder shall include a currently valid proxy or subscription rights granted to a person with address in that State, and the reporting financial institution shall procure the following documents or have already checked them and recorded:

a): a self-disclosure by the holder of the account of his or her country of affiliation, or its States of affiliation, which include non-notifiable States; or
b): Evidence of the non-reporting status of the account holder.

(4) The review of existing accounts of lower value of natural persons must be completed by 31 December 2017. Unofficial table of contents

§ 12 accounts of high value

(1) For accounts of high value, the following advanced verification procedures shall apply:

1.

Search in electronic records: the reporting financial institution must verify its electronically searchable data on the evidence listed in Article 11 (1), first sentence, point 2;

2.

Search in paper documents: contain the electronically searchable databases of the reporting financial institution fields for all the data mentioned in point 3 and collect them, no further search is required in the paper documents. If not all of these data are recorded in the electronic databases, the reporting financial institution must also, in the case of accounts of high value, the current customer base and, in so far as the information is not included there, the following account-related, Check the evidence provided by the reporting financial institution within the last five years in respect of the evidence referred to in Article 11 (1), first sentence, point 2:

a): the latest evidence collected for this account,
b): the latest account opening contract or the latest account opening documents,
c): the latest information obtained by the reporting financial institution, on the basis of procedures for combating money laundering and customer care obligations (AML/KYC-Anti-Money Laundering/Know-your-Customer) or for other supervisory purposes;
d): a currently valid power of atonation or a drawing authority and
e): a current permanent contract for credit transfers, with the exception of deposit accounts;

3.

a reporting financial institution shall not be required to search in paper documents as described in the first sentence of the first subparagraph of paragraph 2, provided that its electronically searchable information contains:

a): the status of the account holder,
b): the house and postal address of the account holder, which is currently deposited with the reporting financial institution,
c): where applicable, the telephone number or telephone numbers of the account holder, which are currently stored at the reporting financial institution,
d): in the case of financial accounts which are not deposit accounts, information on whether there is a standing order for credit transfers from that account to another account, including an account at another branch of the reporting financial institution or any other financial institution,
e): information on whether the account holder currently has a post-storage order or a c/o address; and
f): Whether you have a power of authority or a drawing authority for the account.

In addition to the search in electronic records and paper records, as described in the first and second sentences of the first and second sentences, a reporting financial institution shall have a high value account assigned to a customer service provider, including the account of the high value of the account, Value combined financial accounts shall be considered as a notifiable account if the account holder is actually aware that the account holder is a notifiable person. (2) If the extended review referred to in paragraph 1 is used, the account holder shall be aware of the fact that the account holder is aware that the account holder is a person Accounts of high value none of the indications listed in Section 11 (1), first sentence, point 2 , and the account is not identified in accordance with the second sentence of paragraph 1 as an account of a person liable to be notifiable, no further measures shall be required until such time as a change in circumstances occurs which results in the account being one or more (3) If the extended review of accounts referred to in paragraph 1 is subject to a high level of circumstantial evidence in accordance with Article 11 (1), first sentence, point 2 (a) to (e), or subsequently a change in circumstances shall be established. if one or more circumstantial evidence is assigned to the account, then the The reporting financial institution shall consider the account as a reporting account for each State for which an indication is established, unless it is decided to apply Article 11 (3) and one of the exceptions mentioned therein shall apply to this Account. (4) In the extended review of accounts of high value described in paragraph 1, a post-storage order or a c/o address shall be established and no other address and none of the addresses referred to in Article 11 (1), first sentence, point 2 (a) to If the account holder has been identified, the reporting financial institution shall be required to: Account holder shall obtain a self-disclosure or supporting document in order to determine the tax compliance or tax deductions of the account holder. If the reporting financial institution cannot obtain self-information or receipts, it must report the account to the Federal Central Office for Taxation as an undocumented account. (5) For an existing account of natural persons, which is not available as at 31 December 2015 However, for the last day of a subsequent calendar year, an account of high value is an account of high value, the reporting financial institution shall be required to review the enhanced verification procedures for that account as described in paragraph 1 within the Calendar year in which the account becomes an account of high value, the following calendar year complete. If the account is identified as a reporting account on the basis of this review, the reporting financial institution shall provide the necessary account-related information for the year in which the account is identified as a reporting account and for (6) If a reporting financial institution carries out the enhanced verification procedure referred to in paragraph 1 for an account of a high value, it shall be included in the following year's The following years are not required, for the same account of high value these procedures , except in the case of a customer-maintainer in accordance with the second sentence of paragraph 1, unless it is an undocumented account in which the reporting financial institution must re-implement these procedures annually until such time as the In the case of an account of a high value, a change in circumstances which results in the account being assigned to one or more of the circumstantial evidence described in section 11 (1), first sentence, point 2, must be made available to the account. financial institution reporting the account for each reporting State for which an indication has been established shall be considered as a reporting account unless it is decided for the purposes of Article 11 (3) and one of the exceptions referred to in that paragraph shall apply to that account. (8) A reporting financial institution shall establish procedures to: which ensures that the customer maintainers identify changes to the circumstances of an account. For example, if a customer adviser is notified that the account holder has a new postal address in a notifiable state within the meaning of Article 1 (1), the reporting financial institution must be given the new address as a change of circumstances. (9) The review of existing accounts of a high value of natural persons must be up to 31 December 2008. December 2016. Unofficial table of contents

§ 13 Due due diligence in the case of new accounts of natural persons

(1) The identification of notifiable accounts under the new accounts of natural persons shall be determined in accordance with the following paragraphs. (2) In the case of new accounts of natural persons, the reporting financial institution shall procure a self-disclosure in the event of an opening of the account, which can be part of the account opening documents and on the basis of which the reporting financial institution can determine the tax payment or tax deductibility of the account holder, and the plausibility of such self-disclosure on the basis of the Procured from the reporting financial institution at the opening of the account Information, including documents collected on the basis of procedures for combating money laundering and customer care obligations (AML/KYC-Anti-Money Laundering/Know-your-Customer), confirm. (3) Goes out of the self-disclosure referred to in paragraph 2 that the account holder is resident in a taxable country, the reporting financial institution must consider the account as a notifiable account and the self-disclosure also requires the tax identification number of the account holder in the Subject to the provisions of Section 8 (3) and the date of birth (4) In the case of a new account of natural persons, a change in the circumstances on the basis of which the reporting financial institution is known or would have to be known that the original self-information is not accurate or unbelievable , it must not rely on the original self-disclosure and must obtain a valid self-disclosure from which the account holder's fiscal default or tax deductions can be seen or produced. Unofficial table of contents

§ 14 Due due diligence in existing accounts of legal entities

(1) The identification of accounts subject to reporting under the existing accounts of entities shall be governed by the following paragraphs. (2) For non-audit, identifying or notifiable accounts of entities:
Unless the reporting financial institution decides otherwise either for all existing accounts of entities or in each case for a clearly identified group of such accounts, an existing account must be given by legal entities, that is to say, the 31. As of December 2015, a total account balance or total account value of at most US$ 250,000 shall not be verified, identified or reported as a notifiable account until the total account balance or the total account value for the last day of a the following calendar year shall exceed this amount. (3) Accounts of legal entities subject to review shall apply:
An existing account of entities with a total account balance or total account of more than $250 000 as at 31 December 2015 and an existing account of entities whose total account balance or total account value is 31 December 2015 this amount does not exceed this amount, but exceeds that amount for the last day of a subsequent calendar year, it shall be reviewed in accordance with the procedure laid down in paragraph 5. (4) The accounts of entities subject to notification shall be as follows:
The existing accounts of entities referred to in paragraph 3 shall only be considered to be accounts subject to notifiable accounts held by one or more entities which are notifiable persons, or from passive NFEs with one or more dominant persons who are notifiable persons. (5) In the case of the existing accounts of entities referred to in paragraph 3, a reporting financial institution must carry out the following verification procedures in order to establish: whether a notifiable person or a number of notifiable persons, or passive NFEs with one or more dominant persons who are notifiable persons, are holders of the account or are:

1.

In order to determine whether the legal entity is a notifiable person, the following must be observed:

a): the review of the information to be carried out for prudential purposes or for customer service, including those based on procedures for combating money laundering and customer care obligations (AML/KYC anti-money laundering) Information about the fact that the account holder is resident in a state subject to reporting requirements. For this purpose, a place of birth, a registered office or an address in a State subject to a reporting obligation shall be deemed to indicate that the account holder is established in a State subject to a reporting obligation;
b): if the information indicates that the account holder is established in a State subject to reporting, the reporting financial institution must consider the account as a reporting account, unless the reporting financial institution procures the account Account holder shall establish a self-disclosure or, on the basis of information in its possession or publicly available, it shall reasonably determine that the account holder is not a person liable to be notifiable.

2.

In order to determine whether the legal entity is a passive NFE with one or more dominant persons who are subject to reporting requirements, an account holder of an existing account of legal entities, including: of a legal entity which is a notifiable person, the reporting financial institution shall determine whether the account holder is a passive NFE with one or more dominant persons, who are notifiable persons. If a person in charge of a passive NFE is a notifiable person, the account must be considered as a notifiable account. In the case of these findings, the reporting financial institution shall comply with the guidelines set out in points (a) to (c) below, in the most appropriate order:

a)

to determine whether the account holder is a passive NFE, the reporting financial institution must obtain a self-disclosure of the account holder for proof of its status, unless the reporting financial institution can use it in its possession or publicly available information shall reasonably determine that the account holder is an active NFE or a financial institution other than an investment firm described in section 19 (6) (b), in which: is not a financial institution of a participating State;

b)

on the determination of the dominant person of an account holder, a reporting financial institution may rely on the information collected on the basis of procedures for combating money laundering and customer care obligations (AML/KYC-Anti-Money Laundering/Know-your-Customer) and abandoned information;

c)

to establish whether a dominant person of a passive NFE is a notifiable person, a notifying financial institution may rely on the following:

aa): in the case of an existing account of entities the holder of which is or is a NFE or several NFEs and whose total account or total account does not exceed 1 000 000 US dollars, on the basis of procedures for combating money laundering and AML/KYC (Anti-Money Laundering/Know-your-Customer) information collected and held by the customer or
bb): on the self-disclosure of the account holder or of that dominant person from the State or States subject to the reporting obligation within the meaning of Article 1 (1) or the other State or States in which or in which the dominant person is is a tax-resident.

Unofficial table of contents

§ 15 Review period and additional procedures for existing accounts of legal entities

(1) The review of existing accounts of entities with a total account balance or total account value of more than US$ 250,000 as of December 31, 2015 must be completed by December 31, 2017. (2) The review of existing accounts of Entities whose total account or total account value does not exceed 250 000 United States dollars as at 31 December 2015, but which exceeds that amount as at 31 December of a subsequent year shall, within the calendar year following that of the year in which the Total account balance or total account value exceeds this amount, be completed. (3) in the case of an existing account of legal entities, a change in the circumstances on the basis of which the reporting financial institution is known or would have to be aware that the self-disclosure or other account-related documents are not applicable or to be unbelievable, it must redefine the status of the account in accordance with the procedure laid down in Article 14 (5). Unofficial table of contents

§ 16 Due due diligence in the case of new accounts of legal entities

(1) The identification of accounts subject to reporting under the new accounts of entities shall be determined in accordance with the following paragraphs. (2) In the case of new accounts of entities, a reporting financial institution shall carry out the following verification procedures in order to: to determine whether the account is held by a person who is subject to a notifiable person, or by a number of persons who are subject to a notifiable person, or from passive NFEs, with one or more persons under control who are notifiable persons

1.

Determination of whether the legal entity is a notifiable person:

a): Obtaining a self-disclosure, which may form part of the account opening documents and on the basis of which the reporting financial institution can determine the tax payment or tax deductions of the account holder, and confirmation of the Plausibility of this self-information on the basis of the information provided by the reporting financial institution on account opening, including on the basis of procedures for combating money laundering and customer care obligations (AML/KYC anti-money laundering) /Know-your-Customer); explains the The reporting financial institution may rely on the address of the head office of the legal entity in order to determine the condition of the account holder, if there is no tax law,
b): if the statement of self-information indicates that the account holder is established in a State subject to a reporting obligation, the reporting financial institution must consider the account as a reporting account, unless the reporting financial institution is based on the accounts held in its possession or publicly available information in a reasonable manner that the account holder is not a notifiable person with respect to that notifiable State.

In order to determine whether the legal entity is a passive NFE with one or more dominant persons who are subject to reporting requirements, the following must be observed: in case of an account holder of a new account of legal entities , including a legal entity which is a notifiable person, the reporting financial institution shall determine whether the account holder is a passive NFE with one or more dominant persons who are subject to the reporting of a person subject to a reporting obligation . If a person in charge of a passive NFE is a notifiable person, the account must be considered as a notifiable account. In the case of these findings, the reporting financial institution shall comply with the guidelines set out in the first and second sentences of the first sentence of paragraph 1 and in the most appropriate order.

2.

In order to determine whether the account holder is a passive NFE, the reporting financial institution must rely on a self-disclosure of the account holder to prove its status, unless the reporting financial institution can use it in its possession or publicly available information shall reasonably determine that the account holder is an active NFE or a financial institution other than an investment firm described in section 19 (6) (b), in which: is not a financial institution of a participating State.

(3) In order to identify the dominant persons of an account holder, a reporting financial institution may be able to rely on those arising from procedures for combating money laundering and customer care obligations (AML/KYC-Anti-Money Laundering/Know-your-Customer) (4) In order to determine whether a dominant person of a passive NFE is a notifiable person, a reporting financial institution may be able to rely on a self-disclosure of the account holder or of the account holder. of a dominant person. Unofficial table of contents

Section 17 Special due diligence regulations

(1) A reporting financial institution may not rely on self-disclosure or supporting documents if it is known or should be aware that the self-disclosure or supporting documents are not accurate or unbelievable. (2) For financial accounts Beneficiary of a repurchase-able insurance contract or a pension insurance contract and for repurchase-eligible group insurance contracts or group pension insurance contracts shall apply:

1.

a reporting financial institution may assume that a beneficiary natural person, with the exception of the owner, a repurchase insurance contract or a pension insurance contract, who receives a death penalty, shall not be entitled to is a notifiable person and regard this financial account as a non-notifiable account, unless the reporting financial institution is known or has to be aware that the beneficiary is a notifiable person. A reporting financial institution would have to be aware that a beneficiary of a repurchase insurance contract or a pension insurance contract is a notifiable person when the reporting financial institution and the reporting financial institution are The information contained in the beneficiary shall contain information in accordance with § 11. Where a reporting financial institution is actually known or if it is aware that the beneficiary is a notifiable person, the reporting financial institution must comply with the procedures laid down in § 11;

2.

a reporting financial institution may be a financial account representing the share of a member of a repurchase-eligible group insurance contract or a group pension insurance contract until the date on which the payment of an amount is paid to the the employee or the holder of the insurance bill or beneficiary is due to be treated as a non-reporting account, provided that the financial account, which is the share of a member in a repurchase-capable group insurance contract or a group pension insurance contract, the following Requirements met:

a): the group insurance contract or the group pension insurance contract is issued to an employer and extends to at least 25 employees or at least 25 insurance certificate holders,
b): the employees or the holders of insurance certificates are entitled to a contract value corresponding to their share and may designate beneficiaries to which the benefits are to be paid in the event of the worker's life; and
c): the total amount to be paid to a worker or a holder or a beneficiary is not more than 1 000 000 US dollars.

(3) The term "repurchase" group insurance contract refers to a repurchase-able insurance contract:

1.: which provides cover for natural persons who are connected through an employer, a professional association, a workers ' organisation or another group or group; and
2.: which, for each member of the group or member of a category within that group, provides for the payment of an insurance contribution which is independent of the health characteristics of the natural person, with the exception of age, sex and Tobacco consumption of the member or the category of members of the group-is determined.

(4) The term "group pension insurance contract" refers to a pension insurance contract in which the eligible persons are natural persons who have an employer, a professional association, an employee organization or another Association or group. Unofficial table of contents

§ 18 Summary of account balances and currencies

For the purpose of determining the total aldos or the total value of financial accounts of a natural person, a reporting financial institution shall sum up all financial accounts held by him or a related entity, but only to the extent that: as the computerised systems of the reporting financial institution, link the financial accounts by reference to a data item such as a customer number or tax identification number, and a summary of the account balances or account values . For the purposes of the application of the above-mentioned summary rules, each holder of a common financial account shall be attributed the total balance or value of the common financial account. (2) For the purposes of determining the total balance or the value of the common financial account, the total balance or value of the common financial account shall be calculated Total value of financial accounts of entities, a reporting financial institution must take into account all financial accounts held by it or any related entity, but only in so far as the computer-based systems of the reporting financial institution the financial accounts by reference to a data item such as a customer number or a tax identification number, and provide a summary of the account balances or account values. For the purposes of the application of the above-mentioned summary rules, each holder of a common financial account shall be attributed the total balance or value of the common financial account. (3) For the purposes of determining the total aldos or the value of the common financial account, the total balance or value of the common financial account shall be The total value of a person's financial accounts to determine whether a financial account is an account of high value is a reporting financial institution in the case of financial accounts where a customer maintainer is known or known to be known shall mean that they belong directly or indirectly to the same person, the same person, (4) All amounts denominated in euro shall include the equivalent in other currencies, in accordance with national law and in accordance with national law. Right. Unofficial table of contents

Section 19 Definitions

For the purposes of this Act, the following shall be:

1.

financial institution: a financial institution of a participating State, which is not a non-reporting financial institution;

2.

Financial institution of a participating State is

a): a financial institution established in a participating State, but not branches of that financial institution which are outside the participating State; or
b): a branch of a financial institution not established in a participating State, provided that the financial institution is located in that participating State;

3.

Financial institution shall mean a depositary institution, a deposit institution, an investment undertaking or a specified insurance company;

4.

A depositary institution shall mean a legal entity whose business is essentially to retain financial assets for the foreign account. The business activity of a legal entity is essentially to preserve financial assets for foreign accounts if the gross income of the financial assets and related financial services is attributable to the financial assets of the legal entity. The legal carrier shall be at least 20% of the gross income of the legal entity, either:

a): during the three-year period ending on 31 December or on the last day of an accounting period not corresponding to a calendar year, before the end of the year of destination, or
b): during the period of existence of the legal entity, whichever period is shorter;

5.

Deposit institution shall be a legal entity receiving deposits in the context of ordinary banking operations or similar business activities;

6.

investment companies: a legal entity,

a)

which mainly carries out one or more of the following activities for a customer:

aa): trade in money market instruments (such as cheques, bills of exchange, certificates of deposit, derivatives), foreign exchange, exchange rate instruments, interest rate instruments and index instruments, transferable securities or the taking of commodity futurings;
bb): individual and collective asset management, or
cc): other types of investment or management of financial assets or capital on behalf of third parties, or

b)

the gross income of which is to be attributed mainly to the installation or reinvestment of or to trading in financial assets, where the legal entity is a deposit institution, a depositary institution, a specified insurance company, or a Legal entities referred to in (a) shall be administered.

A legal entity shall carry out, for the most part, one or more of the activities described in the first sentence of point (a), or the gross income of a legal entity is primarily the investment or reinvestment of financial assets or trade for the purposes of point (b) of the first sentence, where the gross income of the right-holder to be attributed to the corresponding activities corresponds to at least 50 per cent of the gross income of the legal entity, either:

a): during the three-year period ending on 31 December of the year preceding the year of destination, or
b): during the period of existence of the legal entity, whichever period is shorter.

The term "investment enterprise" does not include a legal entity in which, as a result of the fulfilment of the criteria in point 42 (d) to (g), it is an active NFE. This number shall be interpreted in a manner similar to that of the The text of the definition of financial institutions is compatible with the Financial Action Task Force (FATF-on-Money Laundering) recommendations.

7.

The term financial assets includes securities, for example, shares in the share capital of a capital company, shareholdings or economic ownership of the shareholdings in a free float or listed on the stock exchange. Personnel company or a trust, as well as bonds, bonds, bonds or other school durations, shareholdings in partnerships, commodity transactions, swaps, for example interest rate swaps, currency swaps, basisswaps, Zinscaps, interest rates, commodity swaps, stock swaps, stock index swaps and similar agreements, insurance or pension insurance contracts or participations, including exchange-traded and non-exchange-traded futures and options in securities, shareholdings in partnerships, commodities, swaps or insurance or insurance or insurance; or Pension insurance contracts. The term financial assets does not include any non-leveraged direct real estate participations;

8.

a specified insurance company: a legal entity which is an insurance company or the holding company of an insurance company which has a repurchase-capable insurance contract or a holding company the pension insurance contract is concluded or is required to make payments in respect of such a contract;

9.

Non-reporting financial institution: a financial institution which shall be responsible for:

a): a national legal entity, an international organisation or a central bank, except in the case of payments arising out of an obligation relating to commercial financial activities to which a specified insurance company, of a depositor or a deposit institution;
b): an old-age pension fund, a low-participation pension fund, a pension fund of a national legal entity, an international organisation or a central bank, or a qualified Credit card providers,
c): other legal entities which are at low risk of being abused for tax evasion, having essentially similar characteristics to those referred to in points (a) and (b), and which are included in the list of non-reporting financial institutions as provided for in Article 8 (7a) of Directive 2014 /107/EU, provided that its status as a non-reporting financial institution does not preclude the purpose of this Act, including in relation to third countries. The list of third countries and changes to this will be announced by the Federal Ministry of Finance in a separate letter in the Federal Tax Gazan Part I,
d): an excluded organism for joint installations, or
e): a trust, in so far as the trustee of the trusts is a reporting financial institution and reports all the information to be reported in accordance with § 8 on all accounts of the trusts subject to reporting;

10.

state entities: the government of a State, a local authority, where it is possible to dispel doubt, inter alia, a state, county or municipality, or a public authority or body, located in the sole ownership of a notifiable State, or of another State, or of one or more local authorities, in each case one State-owned entity. A state legal entity consists of

a): the essential instances,
b): the dominant legal entities and
c): Local authorities

of a State. An essential instance of a State subject to notification shall mean, irrespective of its name, a person, an organisation, an authority, an office, a fund, a body or any other body which is a governmental authority of a State. . The net income of the government authority must be credited to its own account or other state accounts without any part of it being granted to a private person. A substantial body does not include a natural person who is a government representative, official or custodian acting in his capacity as a private person. A dominant legal entity shall mean a legal entity which is formally separate from the State or otherwise constitutes a separate legal entity, provided that:

a): the legal entity is located directly or through one or more dominant entities in exclusive ownership and under the control of one or more State entities,
b): the net income of the legal entity is credited to its own account or to the accounts of one or more State entities, without any part of its income being granted to a private person,
c): the assets of the legal entity at its dissolution fall into one or more State entities.

Income shall not benefit private persons if they are the intended beneficiaries of a government programme and the general public interest programme activities are carried out in the interest of the common good, or the administration of a government domain. However, notwithstanding the above provisions, income shall be considered to be income which private individuals benefit from when they come from commercial activities carried out by a public entity, such as commercial banking transactions, in which financial services are provided to private individuals;

11.

international organisation: an international organisation or an authority or entity in its sole ownership. An international organisation shall comprise an intergovernmental organisation, including a national organisation, which shall:

a): consists mainly of governments,
b): concluded with the State a seat agreement or a substantially similar agreement; and
c): the income of which does not benefit private individuals;

12.

Central Bank: an institution which, on the basis of a law or state permit, constitutes, in addition to the government of the State, the supreme authority for the issueof payment of a currency. This institution may include a body separate from the government of the State, which may be wholly or partly owned by the State;

13.

Large-scale pension fund: a fund for the provision of old-age pension and invalidity benefits, as well as benefits in the event of death or a combination of these benefits in return for benefits provided to beneficiaries who have Current or former employees or certain persons of an employer or of several employers, provided that the Fund

a)

does not have a single beneficiary who is entitled to more than 5 percent of the fund's assets,

b)

government regulation and provides information to the tax authorities; and

c)

at least one of the following conditions is met:

aa): the fund is, on the basis of its status as a pension plan, in principle exempted from the income tax on capital income or the taxation of corresponding income is post-stored or reduced to a reduced rate,
bb): the Fund shall cover at least 50 per cent of its total contributions, with the exception of transfers of capital from other plans referred to in points 13 to 15, or retirement accounts referred to in point 34 (a), by employers,
cc): Distributions or deprivations from the Fund may only be made upon the occurrence of specific events relating to retirement, invalidity or death, with the exception of an age pension plan to others in points 13 to 15 or in the case of pension funds referred to in point 34 (a) above, otherwise sanctions shall apply, or
dd): the contribution of employees to the Fund, with the exception of certain eligible compensatory contributions, shall be limited or may be limited by the worker's earned income or may, by application of the provisions referred to in Article 18, be limited to the summary of accounts and the currency translation does not exceed USD 50 000 per year;

14.

Low-participation pension funds: a fund for the provision of pension and invalidity benefits, as well as benefits in the event of death in return for benefits provided to beneficiaries, current or former employees or they are certain persons of an employer or of a number of employers, provided that:

a): less than 50 people are involved in the fund,
b): one or more employers in the funds, which are not investment firms or passive NFEs,
c): workers 'and employers' contributions to the Fund, with the exception of capital transfers from retirement accounts referred to in point 34 (a), are limited by the earned income or the remuneration of the worker,
d): may be entitled to a maximum of 20 per cent of the Fund ' s assets, and not resident in the Fund's founding State, and
e): the Fund is subject to state regulation and information is transmitted to the tax authorities;

15.

Pension funds of a national legal entity, an international organisation or a central bank: a fund for the provision of old-age pensions issued by a national legal entity, an international organisation or a central bank, and invalidity benefits, as well as benefits in the event of death, to beneficiaries or persons concerned, who may be present or former workers, or persons designated by them, or persons who do not have current or former employees. employees are, in the event of the benefits, of these beneficiaries, and (a) to be granted in return for services rendered in person to the national legal entity, the international organisation or the central bank;

16.

qualified credit card provider: a financial institution that

a): only as a financial institution, because it is a credit card provider who accepts deposits only if a customer makes a payment exceeding a balance due in respect of the card, and the overpayment is not immediately to the customer will be referred back;
b): by 1 January 2016 at the latest, to implement measures and procedures that either prevent a customer from overpayment of more than USD 50 000 or ensure that any overpayment of a customer exceeding that amount shall be guaranteed: shall be returned to the customer within 60 days, in both cases the provisions relating to the summary of accounts and the currency translation according to § 18. Customers ' overpayments in this sense do not include credit in connection with contentious transactions, but include funds as a result of the return of goods;

17.

collective investment undertaking: an investment undertaking which, as an undertaking, is subject to the supervision of joint installations, provided that all holdings in the body for joint installations of natural persons, or Persons who are not persons subject to reporting or are held by persons who are not subject to reporting, with the exception of a passive NFE with a dominant person, who are notifiable persons. An investment undertaking which is subject to supervision as an undertaking for joint installations shall also be deemed to be a collective investment undertaking issued in accordance with this point, where the collective investment undertaking has effective shares in the holding of such undertakings. , if

a): the collective investment organism has not issued or is issuing effective bearer shares after 31 December 2015,
b): the collective investment undertaking shall, in the event of a buyback, draw up all the shares not held in collective custody,
c): the organism for joint installations carries out the procedures for the performance of due diligence listed in § § 9 to 18 and reports all the information required to be reported on the bearer share certificates and the associated profit share certificates, if this information for redeeming or for other payment, and
d): the collective investment undertaking has measures and procedures to ensure that bearer shares not in collective custody and associated undue profit-sharing certificates are as soon as possible and in any case be placed in collective custody before 1 January 2017 or are no longer marketable as securities;

18.

Financial account: an account run by a financial institution. A financial account includes a deposit account, a depositary account, and

a)

in the case of an investment firm, equity and debt participations in the financial institution. In respect of the above provision, the expression financial account does not include equity and debt investments in a legal entity that only acts as a Investment undertakings shall be deemed to be responsible for the purpose of the investment or the management of financial assets which have been paid in the name of a client to a financial institution other than that entity, for or on behalf of that customer

aa): Provide investment advice or
bb): Assets managed,

b)

in the case of a financial institution not described in point (a), equity and debt participations in the financial institution, provided that the category of participation has been introduced in order to avoid the reporting obligation pursuant to § 8, and

c)

Reinsurance contracts and pension insurance contracts issued or managed by a financial institution, with the exception of immediate and non-transferable, non-transferable, natural or non-transferable pension insurance contracts, People are in the process of being able to monetize an old-age pension or invalidity benefit provided on account of an account that is an account taken out of.

The term financial account does not include accounts that are excluded accounts;

19.

Deposit accounts: business, Giro, savings and appointment accounts, and accounts securitised by certificates of deposit, savings letters, investment certificates, debt instruments or similar instruments issued by a financial institution in the ordinary course of the Banking transactions or similar operations are conducted. A deposit account shall also include amounts held by an insurance company on the basis of a guaranteed capital investment contract or a similar arrangement for the payment or crediting of interest on such amounts;

20.

Custody account: an account, but not an insurance contract or a pension insurance contract, in which financial assets are held in favour of a third party;

21.

Equity participation: In the case of a private company, which is a financial institution, equity participation means either a share capital or a profit share in the personal company. In the case of a trusts who is a financial institution, equity participation shall be deemed to be held by a person considered as a trustee or beneficiary of the whole or part of the trusts, or by any other natural person, that actually dominates the trust. A notifiable person shall be deemed to be a beneficiary of a trusts, if it is entitled to receive, directly or indirectly, for example by an authorised representative, a deposit payment from the trust, or directly or indirectly to a person subject to the obligation to voluntary payout from the Trust;

22.

Insurance contract: a contract, but not a pension insurance contract, in which the policymaker agrees, upon the occurrence of a specific event in connection with a death, a disease, accident, liability or the risk of a property risk to be paid;

23.

Pension insurance contract: a contract in which the policymaker agrees to make payments for a period of time determined in full or in part on the basis of the life expectancy of one or more natural persons. The term also includes a contract which, in accordance with the law, regulations or exercise of the law of the other State in which it was issued, is considered to be a pension insurance contract and in which the policymaker agrees to apply for a a certain number of years to make payments;

24.

-an insurance contract: an insurance contract, but not a reinsurance contract, between two insurance companies with a cash value;

25.

Cash Value: as a Barwert

a): the amount which the policyholder is entitled to obtain after the repurchase or termination of the contract, which is to be determined without a reduction due to a repurchase fee or a policy loan, or
b): the amount which the policyholder may take as a loan under the contract or in relation to the contract, whichever is the higher.

Notwithstanding the provisions of the first sentence, the expression "Barwert" shall not include an amount payable on the basis of an insurance contract as follows:

a): solely on the basis of the death of a natural person who has a life insurance contract,
b): in the form of a performance in the event of personal injury or illness or of any other benefit in compensation for an economic loss suffered in the event of the occurrence of the insurance case,
c): in the form of a refund of an insurance contract, not a life or pension insurance contract, already paid on the basis of an insurance contract, or a premium already paid (minus insurance fees, irrespective of the actual value of the insurance fee) (a) in the event of a contract revocation or termination, a reduction in the risk potential during the contract period or correction of a misbooking or a comparable error in relation to the contract premium;
d): in the form of a dividend payable to the policyholder, but not a final surplus, provided that the dividend comes from an insurance contract in which only services referred to in point (b) are payable; or
e): in the form of a refund of a prepayment advance payment or a premium deposit for an insurance contract with a premium payment of at least a year, provided that the amount of the premium prepayment or of the premium deposit is the next contract, shall not exceed the annual premium due;

26.

existing account: an existing account is

a)

a financial account held by a reporting financial institution as at 31 December 2015;

b)

any financial account of an account holder, irrespective of the date of opening of this financial account, if:

aa): the account holder is also the holder of a financial account with the reporting financial institution or a related legal entity in the same State as the reporting financial institution, which is an existing account under point (a);
bb): the reporting financial institution and, where appropriate, the associated entities in the same State as the reporting financial institution, these two financial accounts and all other financial accounts of the account holder, which are treated as existing accounts under point (b) , for the purposes of fulfilling the requirements referred to in Article 17 (1) with regard to the state of knowledge and for the purpose of determining the balance or value of one of the financial accounts for the purposes of applying one of the account-specific thresholds as a single financial account,
cc): the reporting financial institution in respect of a financial account subject to the anti-money laundering and customer care procedures (AML/KYC-Anti-Money Laundering/Know-your-Customer) shall meet the requirements of these procedures in relation to the a financial account by relying on the above-mentioned procedures for the existing account referred to in point (a), and
dd): the opening of the financial account, except for the purposes of this Act, does not require the provision of new, additional or modified customer information by the account holder;

27.

New account: a financial account, managed by a reporting financial institution, opened on or after 1 January 2016, unless it is treated as an existing account under point 26 (b);

28.

Existing account of natural persons: an existing account, the holder of which is or is a natural person or a number of natural persons;

29.

new account of natural persons: a new account, the holder of which is or is a natural person or a number of natural persons;

30.

existing account of legal entities: an existing account, the holder of which is or is one or more entities;

31.

account of lower value: an existing account of natural persons with a total aldo or total value of no more than 1 000 000 United States dollars as of 31 December 2015;

32.

Account of high value: an existing account of natural persons with a total aldo or total value of more than 1 000 000 United States dollars as of 31 December 2015 or 31 December of a following year;

33.

new account of legal entities: a new account, the holder of which is or is one or more entities;

34.

Account taken: one of the following accounts:

a)

an age pension account that meets the following conditions:

aa)

the account is under the supervision of a personal pension account or is part of a registered or oversight pension plan for the provision of pension and pension benefits, including invalidity benefits, and Death benefits,

bb)

the account is tax-favored, that is, contributions paid to the account, which would otherwise be taxable, are deductible or exempted from the gross income of the account holder, or are taxed at a reduced rate, or the capital gains made with the account shall be restovaged or taxed at a reduced rate,

cc)

in relation to the account, there is a requirement for information to be sent to the tax authorities,

dd)

Withdrawal shall be subject to the attainment of a certain retirement age, invalidity or death, or, in the event of withdrawal from the occurrence of these events, advance interest shall be due,

ee)

either

aaa): the annual contributions shall be limited to a maximum of USD 50 000; or
bbb): the account shall be subject to a total lifetime contribution limit of not more than 1 000 000 US dollars, in both cases the provisions relating to the summary of accounts and the translation of the currency in accordance with section 18.

A financial account which, in principle, meets the condition referred to in point 34 (a) (a), shall be fulfilled even if the financial account has assets or amounts of money from one or more financial accounts which are the subject of the the conditions set out in point 34 (a) or (b), or of one or more pension funds or pension funds which meet the conditions laid down in points 13 to 15, may be transferred;

b)

An account that meets the following requirements:

aa): the account is deemed to be an investment instrument for purposes other than that of prudential supervision and is regularly traded on a recognised stock exchange, or the account is under the austerity instrument for other purposes than the prudential supervision,
bb): the account is tax-favored; contributions paid to the account, which would otherwise be taxable, are therefore deductible or exempted from the account holder's gross income, or are taxed at a reduced rate, or those with a reduced tax rate, The capital gains made to the account shall be restovaged or taxed at a reduced rate,
cc): Withdrawal shall be made subject to the fulfilment of certain criteria relating to the purpose of the investment or savings account (for example, the provision of training or medical services), or to be taken into account in the case of deprivation the fulfilment of these criteria is due for advance interest rates,
dd): the annual contributions shall be limited to a maximum of USD 50 000, subject to the rules for the aggregation of accounts and the translation of the currency in accordance with section 18.

A financial account which, in principle, meets the condition set out in point 34 (b), double letter dd, shall be fulfilled even if the financial account has assets or amounts of money from one or more financial accounts which are the subject of the the conditions set out in point 34 (a) or (b), or of one or more pension funds or pension funds which meet the conditions laid down in points 13 to 15, may be transferred;

c)

a life insurance contract with an insurance period prior to completion of the 90. The life year of the insured person shall end, provided that the contract satisfies the following conditions:

aa): during the contract period or until the completion of the 90. The life year of the insured person, whichever period is shorter, shall be subject to regular premiums at least annually, which shall not fall over time,
bb): the contract does not have a contract value to which a person may, without termination of the contract, be able to access by removal, insult or otherwise,
cc): the amount payable in the case of contract revocation or termination of the contract, with the exception of an achievement in the event of death, may be the total amount of the premiums paid for the contract less the sum of the fees for the death and disease risk, and Expenses, irrespective of their actual collection, for the duration of the contract or the term of the contract, as well as all amounts paid out before the contract revocation or termination of the contract, do not exceed
dd): the holder of the contract is not a paid acquirer;

d)

an account whose exclusive holder is a discount, provided that the documents relating to that account contain a copy of the test or the death certificate of the deceased,

e)

an account that is established in connection with

aa)

a court order or a court judgment,

bb)

a sale, exchange or rental of an immovable or movable property, provided that the account meets the following conditions:

aaa): the account shall be financed solely by a deposit, a deposit in an amount appropriate to secure an obligation directly related to the transaction, or a similar payment, or with financial assets in connection with the transaction; is paid into the account with the sale, exchange or rental of the property,
bbb): the account will only be used to secure the buyer's obligation to pay the purchase price for the property, the seller's obligation to pay contingent liabilities or the obligation of the landlord or Tenant for the payment of damages in connection with the rental property according to the rental contract established and used,
ccc): the assets of the account, including the income obtained therefrom, shall be disbursed in the event of sale, exchange or transfer of the assets or end of the lease in favour of the buyer, seller, landlord or tenant or in any other way, also in order to fulfil an obligation of one of these persons,
ddd): the account is not a Margin account or similar account established in connection with a sale or exchange of financial assets;
eee): the account is not in connection with an account referred to in point 34 (f),

cc)

a commitment by a financial institution to manage a loan secured by immovable property for the purpose of rejecting a part of a payment solely to enable the payment of taxes or insurance contributions in connection with the properties at a later date, or

dd)

an obligation of a financial institution solely to enable the payment of taxes at a later date,

f)

a deposit account that meets the following requirements:

aa): the account shall be exclusive because a customer makes a payment exceeding a balance due in respect of a credit card or other revolving credit facility, and the overpayment shall not immediately be paid to the customer remitted,
bb): by 1 January 2016 at the latest, the financial institution shall implement measures and procedures which either prevent a customer from providing an overpayment of more than USD 50 000 or ensure that any overpayment by a customer exceeding the amount of this amount will be refunded to the customer within 60 days, in both cases the rules applicable to the currency translation in accordance with § 18. Customers ' overpayments in this sense do not include credit in connection with contentious transactions, but include funds as a result of the return of goods,

g)

another account, where there is a low risk of being abused for tax evasion, which has essentially similar characteristics to the accounts described in points (a) to (f), and which is included in the list of excluded accounts The accounts referred to in Article 8 (7a) of Directive 2014 /107/EU shall be included, provided that their status as a excluded account does not preclude the purpose of this Act. This list shall also apply in relation to third countries. The list of third countries and changes to this will be announced by the Federal Ministry of Finance in a separate letter in the Federal Tax Gazan Part I;

35.

Account: a financial account managed by a reporting financial institution of a State, the holder of which is a notifiable person or a number of notifiable persons, or a passive NFE, of one or more notifiable persons persons is, or is, controlled, provided that it has been identified as such in accordance with the procedures for the fulfilment of due diligence obligations described in § § 9 to 18;

36.

Person subject to a notifiable State, but not:

a): a capital company whose shares are traded on a regular basis in one or more recognized stock exchanges,
b): a capital company which is a linked legal entity of a capital company referred to in point (a);
c): a state entity,
d): an international organization,
e): a central bank or
f): a financial institution;

37.

Person of a State subject to the reporting obligation in respect of each State subject to notification: a natural person or a legal entity established in that person under the tax law of any other notifiable State, or a discount of a deceased person established in any other Member State subject to reporting. In this sense, a legal entity in which there is no tax law, such as a partnership, a limited liability partnership or a similar legal entity, shall be deemed to be resident in the State in which the place of its actual management;

38.

Participating State: participating State includes:

a)

another Member State of the European Union,

b)

another state,

aa)

with which the Federal Republic of Germany has concluded an agreement or an agreement to the effect that the other State shall communicate the information referred to in Article 8, and

bb)

which is listed in a list published by the Federal Republic of Germany and notified to the European Commission,

cc)

another state,

aaa): with which the European Union has concluded an agreement which provides that the other State shall communicate the information referred to in Article 8, and
bbb): which is listed in a list published by the European Commission;

39.

Dominating persons: the natural persons who master a legal entity. In the case of a trusts, this term shall mean the trustee, the trustee, the trustee, the protector or the protectors, the beneficiaries or the beneficiaries, or the category of beneficiaries or the categories of beneficiaries, and any other natural person or any other natural person who is in fact dominating or mastering the trust, and in the case of a legal entity which is not a trust, that expression means persons in equivalent or similar positions. The expression of a dominant person must be interpreted in a manner consistent with the FATF recommendations published on the website of the Bundesanstalt für Financial Services;

40.

NFE: a legal entity that is not a financial institution;

41.

Passive NFE: a passive NFE

a): a NFE, which is not an active NFE, or
b): an investment undertaking as referred to in point 6, first sentence, point (b), which is not a financial institution of a participating State;

42.

active NFE: a NFE, which meets at least one of the following criteria:

a)

less than 50% of the gross income of the NFE in the previous calendar year or any other appropriate reporting period shall be passive income and less than 50 per cent of the assets held during the previous calendar year or other appropriate reporting periods were held by the NFE, are assets with which passive income is to be obtained or should be obtained,

b)

the shares of the NFE are regularly traded on a recognised stock exchange, or the NFE is a related entity of a legal entity whose shares are regularly traded on a recognised stock exchange;

c)

the NFE is a national legal entity, an international organisation, a central bank or a legal entity which is in sole ownership of one or more of the above institutions,

d)

essentially all the activities of the NFE consist in the full or partial ownership of the issued shares of a subsidiary or of a number of subsidiaries carrying out a business other than that of a financial institution, and in the financing and provision of services to those subsidiaries, with the exception that a legal entity does not fulfil the criteria for that status if it operates as an investment fund or is referred to as such, such as: For example, a venture capital fund, a venture capital fund, a fund in the case of externally financed acquisitions (leveraged buyout funds) or an investment instrument, the purpose of which is to acquire or finance companies and subsequently to hold shares in these companies as fixed assets;

e)

The NFE does not yet operate a business and has not operated any business in the past, but deposits capital in assets with the intention of operating a business other than that of a financial institution; the NFE, however, shall fall after the day, which follows a period of 24 months from the date of the founding date of the NFE, and not under this derogation;

f)

the NFE has not been a financial institution in the last five years and is currently divestment of its assets or is carrying out a restructuring with the intention of continuing or resuming operations other than that of a financial institution,

g)

The activities of the NFE consist primarily in the financing and safeguarding of transactions with or for related entities which are not a financial institution, and it does not provide any financing or hedging services for entities which do not , with the proviso that the Group of the associated entities mainly pursues a different business activity than that of a financial institution,

h)

The NFE meets all of the following requirements:

aa): it shall be established and operated exclusively for religious, non-profit, scientific, artistic, cultural, sporting or educational purposes in the State in which it is established, or shall be established and operated in its State of the State of the State and is a professional association, an association of businessmen, a chamber of commerce, a workers 'association, an agricultural or horticultural association, a citizens' association or an organisation that operates exclusively for the promotion of welfare ,
bb): he is exempt from income tax in his state of law,
cc): it has no shareholders or members who have any ownership or rights of use in its income or assets;
dd): in accordance with the applicable law of the State in which the NFE is founded or the foundation documents of the NFE, its income and assets may not be distributed to or used in the benefit of a private person or non-profit-making entity, except in accordance with the performance of the non-profit activities of the NFE, as payment of an appropriate remuneration for services rendered or as payment in the amount of the market value of an asset acquired by the NFE,
ee): in accordance with the applicable law of the State in which the NFE is founded or the foundation documents of the NFE, all of its assets must be distributed to a public entity or other non-profit organization in the course of its resolution or dissolution; or , the government of the NFE or one of its local authorities shall be the case of the NFE;

43.

The exchange of information within the meaning of this Act shall be the systematic transmission of previously established information on persons established in other notifiable States to the relevant State of the State without its prior request in regular, pre-determined intervals.

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Section 20 Other definitions

For the purposes of this Act, the following shall be:

1.

Account holder: the person who is led or identified by the account-leading financial institution as holder of a financial account. A person who is not a financial institution and who is a representative, depositary, authorized representative, signatory, investment adviser or intermediary in favour of or for the account of another person has a financial account shall not be considered an account holder within the meaning of this Law, the other person is considered an account holder instead. In the case of a repurchase insurance contract or a pension insurance contract, the account holder shall be any person who is entitled to access the cash value or to change the beneficiary of the contract. If no one can access the cash value or change the beneficiary of the contract, the account holder shall be any person referred to in the contract as the owner and any person who has an incontestable payment claim under the terms of the contract. In the case of a maturity of a repurchase-able insurance contract or a pension insurance contract, any person who has a right to receive a payment shall be deemed to be the account holder;

2.

Anti-money laundering and customer care obligations (AML/KYC-Anti-Money Laundering/Know-your-Customer): the procedures of a reporting financial institution to comply with customer due diligence obligations under the conditions laid down in anti-money laundering and similar rules to which this reporting financial institution is subject;

3.

Legal entities: a legal entity or a legal entity such as a capital company, a civil society, a trust or a foundation;

4.

a legal entity: a related legal entity of another legal entity, where:

a): one of the two legal entities dominates the other,
b): the two entities are subject to the same mastery, or
c): the two entities are investment undertakings within the meaning of Article 19 (6), first sentence, point (b), have a common management and that management shall comply with the due diligence obligations of such investment undertakings. For this purpose, control shall include direct or indirect ownership of more than 50 per cent of the voting rights and of the value of a legal entity;

5.

Tax identification number: the identification number of a taxable person or the functional equivalent if no tax identification number is present;

6.

Documents shall include the following documents:

a): a certificate of residence issued by an authorized state body, such as a government or one of its authorities, or a municipality of the State in which the payee claims to be established,
b): in the case of a natural person, a valid identity card issued by an authorized state body (for example, a government or a government or a municipality) containing the name of the natural person and normally the name of the person in question; the identification of identity is used,
c): in the case of a legal entity, an official document issued by an authorized state body (for example, a government or any of its authorities or a municipality) containing the name of the legal entity, and either the address of its headquarters in the State in which it is established, or the State in which the legal entity has been registered or established;
d): a audited annual financial statements, a third party credit information, an insolvency application or a report by the Exchange Supervisory Authority.

In the case of existing accounts of entities, a reporting financial institution may, as proof, use any classification in its documents relating to the account holder identified on the basis of a standardised industry coding scheme, which the reporting financial institution, in accordance with its usual commercial practices, for the purposes of anti-money laundering and customer care procedures (AML/KYC-Anti-Money Laundering/Know-your-Customer) or other legal provisions Purpose (except for tax purposes) documented and introduced before the date where the financial account has been classified as an existing account, provided that the reporting financial institution is not known or should not be aware that this classification is not accurate or unbelievable. The expression standardised industry coding system means an encoding system used for the classification of facilities by type of business for purposes other than tax purposes.

Section 3
Supplementary reporting and due diligence requirements for financial accounts

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Section 21 Change of circumstances

(1) Any change in circumstances shall include any change that results in the inclusion of new information relevant to the status of a person or in any other way contrary to the status of that person. In addition, any change in circumstances shall include any change or inclusion of information relating to the account holder's account, including the inclusion, replacement or any other change of an account holder, or any change or inclusion of Information on each account associated with such an account, applying the rules on the summary of accounts in accordance with § 18, if this change or inclusion of information has an effect on the status of the account holder. (2) a reporting financial institution to the review referred to in Article 11 (1), first sentence, point 1 leave the house address and change the circumstances on the basis of which the reporting financial institution is known or would have to be aware that the original documents or other equivalent documents are not applicable or unbelievable, the reporting financial institution shall, either by the last day of the relevant calendar year or any other appropriate reporting period, or 90 calendar days after notification or establishment of such a change in the Circumstances, depending on which date is later, a self-disclosure and new evidence , in order to determine the fiscal default or tax deductions of the account holder. If, by that date, the reporting financial institution cannot obtain self-disclosure or new documents, it shall carry out the search in electronic records as described in Article 11 (1), first sentence, point 2, and in paragraphs 2 and 3. Unofficial table of contents

Section 22 Self-disclosure in the case of new accounts of legal entities

In the case of new accounts of entities, a reporting financial institution may, in order to establish whether a dominant person of a passive NFE is a notifiable person, only refer to a self-disclosure either of the account holder or of that dominant person Leave the person. Unofficial table of contents

Section 23 The failure of a financial institution

(1) A financial institution shall be established in a State subject to a reporting obligation if it is subject to the sovereign power of that State. A financial institution shall be subject to the jurisdiction of the State, which may enforce the reporting obligations of the financial institution. In general, a financial institution is subject to the jurisdiction of that State, if it is tax-resident in a State subject to notification, and is thus a financial institution of a State subject to a reporting obligation. (2) A trust which is a financial institution shall apply, whether, in a State subject to a reporting obligation, he is resident under the jurisdiction of a State subject to a reporting obligation, if one or more of his trustees are established in that State, unless the trust reports all in accordance with Directive 2014 /107/EU or pursuant to CRS-MCAA Information on accounts payable by the Trust to another Member State subject to notification, because it is tax-resident in that other State. Where a financial institution, with the exception of trusts, has no fiscal law (for example, because it is considered to be tax-transparent or is established in a State which does not collect income tax), it shall be deemed to be the sovereign power of a to be subject to a notifiable State and is thus a financial institution of a State subject to a reporting obligation, if the following conditions are met:

1.: it is registered in accordance with the right of the Member State to be notified;
2.: it shall have the place of its management, including the actual management in the State subject to notification, or
3.: it is subject to financial supervision in the reporting State.

(3) Where a financial institution, with the exception of trusts, is established in two or more reporting States, the reporting and due diligence obligations of the State in which it carries out financial accounts shall apply. Unofficial table of contents

§ 24 Accounts

In general, it is to be assumed that accounts are managed by the following financial institutions:

1.: Depositary accounts of the financial institution which holds the assets in the account, including financial institutions, which store assets as brokers for an account holder at that institution;
2.: Deposit accounts from the financial institution, which is obliged to make payments in respect of the account, with the exception of representatives of financial institutions, whether or not the representative is a financial institution,
3.: Ownership or equity investments in a financial institution in the form of a financial account from that financial institution;
4.: reinsurable insurance contracts or pension insurance contracts from the financial institution, which is obliged to make payments in respect of the contract.

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§ 25 Trusts, which are passive NFEs

(1) A legal entity, such as a partnership, a limited liability partnership, or a similar legal entity in which the tax is not in accordance with Article 19 (37), shall be deemed to be resident in the State in which the place of its own actual management. For this purpose, legal persons or legal entities shall be deemed to be a partnership and a limited liability partnership if they do not act as taxable entities in a State subject to their tax law in accordance with their tax law. (2) However, in order to avoid double reporting due to the broad scope of the concept of dominant persons, a trust which is a passive NFE may not be regarded as a similar legal entity. Unofficial table of contents

Section 26 Address of the main seat of a legal entity

In accordance with Article 20 (6) (c), official documents relating to a legal entity must include either the address of the main office of the legal entity in the State in which he or she claims to be established, or the State in which the legal entity is situated. has been registered or established. The address of the main office of the legal entity is generally the place where its actual management is located. The address of the financial institution in which the legal entity leads an account, a mailbox or a pure postal address, shall not be the address of the main office of the legal entity, unless that address is the only address given by the legal entity is used and appears as the registered address of the legal entity in its business documents. In addition, an address indicated by the instruction to address the entire correspondence to that address shall not be the address of the main legal entity of the legal entity. Unofficial table of contents

§ 27 Application provision

(1) The Federal Central Office for Taxes shall, as the competent authority, carry out the automatic transmission of information pursuant to § 1 in conjunction with § § 2 and 4 respectively to the 30th of September of a year for the previous calendar year; starting at 30. September 2017 for 2016. (2) The financial institutions have the Federal Central Office for Taxes the data in accordance with § 8 according to officially prescribed data record electronically by way of data transmission respectively to 31 July of a year for the previous Calendar year; starting from 31 July 2017 for 2016. Unofficial table of contents

Section 28 Penal rules

(1) Contrary to the law, who intentionally or recklessly does not make a notification, not correct, not complete or not in good time, in breach of § 8, paragraph 1, sentence 1. The administrative offence can be punished with a fine of up to fifty thousand euros. (2) The administrative authority within the meaning of Section 36 (1) (1) of the Law on Administrative Offences is the Federal Central Office for Taxes.