Regulation implementing the obligations arising from the Agreement between the Federal Republic of Germany and the United States of America on the promotion of tax honesty in matters of international affairs and with regard to the provisions of the Law on the Tax honesty with regard to foreign accounts known US information and reporting requirements (FATCA-USA-Implementation Regulation-FATCA-USA-UmsV)

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FATCA-USA-UmsV

Date of completion: 23.07.2014

Full quote:

" FATCA-USA Implementation Ordinance of 23 July 2014 (BGBl. 1222) "

Footnote

(+ + + Text credits: 29.7.2014 + + +) 

  

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Input formula

Pursuant to Section 117c (1) sentence 1 of the Tax Code, which is defined by Article 13 of the Law of 18 December 2013 (BGBl. 4318), the Federal Ministry of Finance is responsible for: Unofficial table of contents

Content Summary

Section 1General provisions

§ 1	Scope
§ 2	Definitions
§ 3	Use of third-party service providers
§ 4	Prevention of the circumvention of the reporting obligation

Section 2Identification and due diligence obligations

§ 5	Identification and due diligence obligations
§ 6	Small financial institutions with local customer base

Section 3Registration of financial institutions

§ 7	Registration requirement

Section 4Data collection and data transmission

§ 8	Collection and transfer obligations with respect to US notifiable accounts
§ 9	Transfer of data to the Federal Tax Authority of the United States of America and receipt of notifications
§ 10	Collection and transfer obligations in respect of payments to non-participating financial institutions in the calendar years 2015 and 2016

Section 5Administrative Offences

§ 11	Irregularities

Section 6Final determination

§ 12	entry into force

Section 1
General provisions

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§ 1 Scope

This Regulation lays down

1.

the collection of data by third parties,

2.

the transmission of the data collected in accordance with the officially prescribed data record by means of the remote data transmission to the Federal Central Office for Taxation and

3.

the forwarding of the transmitted data to the competent authority of the United States of America

in accordance with the Agreement between the Federal Republic of Germany and the United States of America on the promotion of tax honesty in matters of international affairs and with regard to the law on tax honesty in respect of Foreign accounts known US information and reporting provisions, which was signed on 31 May 2013 and entered into force on 11 December 2013 (BGBl. 2013 II p. 1363). Unofficial table of contents

§ 2 Definitions

(1) Agreement within the meaning of this Regulation is the Agreement referred to in § 1, which entered into force on 11 December 2013 and is subject to the consent law of 10 December 2013. October 2013 (BGBl. 1362). (2) FATCA implementing provisions within the meaning of this Regulation are the implementing provisions of the Treasury of the United Kingdom referred to in Article 4 (7) of the Agreement referred to in paragraph 1 of this Regulation. States of America. (3) Melting German financial institution within the meaning of this Regulation is a legal entity acting within the meaning of the Agreement in the Federal Republic of Germany as:

1.

Depositary,

2.

Deposit Institute,

3.

investment firms or

4.

specified insurance company.

Not covered are branches of such a legal entity, which are outside the scope of the Basic Law of the Federal Republic of Germany. Non-reporting German financial institutions are excluded from the concept of the notifying German financial institution within the meaning of Article 1 (1) (q) of the Agreement. (4) A US-American notifiable account is one of a notifying German financial institution German financial institution, its account holder

1.

at least one specified person of the United States of America within the meaning of Article 1 (1) (g) of the Convention; or

2.

is a non-US legal entity within the meaning of the Agreement, which is governed by at least one person specified in the United States of America within the meaning of Article 1 (1) (gg) of the Convention.

An account shall not be considered as a US account if it falls under the accounts or product types excluded under Section III of Annex II to the Agreement, or if it is not considered to be an account after application of the procedures provided for in § 5 (5) The definitions of the agreement are also valid. Unofficial table of contents

§ 3 Use of third-party service providers

Notifying German financial institutions may, in order to fulfil the obligations imposed on them by this Regulation, make use of third-party service providers in accordance with Article 5 (3) of the Agreement. The responsibility for fulfilling the obligations remains with the reporting German financial institutions. Unofficial table of contents

§ 4 Prevention of the circumvention of the reporting obligation

By misuse of the right to design the law, the obligations under this Regulation cannot be circumvented. Section 42 of the Tax Code shall apply accordingly.

Section 2
Identification and due diligence obligations

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§ 5 Identification and due diligence obligations

(1) Melting German financial institutions must apply appropriate procedures to enable them to identify accounts held by them as

1.

US-based accounts within the meaning of Article 2 (4) and

2.

Accounts of non-participating financial institutions within the meaning of Article 1 (1) (r) of the Agreement.

(2) The procedures referred to in paragraph 1 shall ensure that the due diligence obligations set out in Annex I to the Agreement are complied with as follows:

1.

in the case of accounts of natural persons, consisting of 30 June 2014 and accounts of lesser value within the meaning of Annex I, Section II, sub-section B of the Agreement, the due diligence must be carried out in accordance with the conditions laid down in Annex I, Section II Subsection B of the Agreement and Annex I, Section II, subsection C of the Agreement, to be followed, taking in place the 31 December 2015 of 30 June 2016 referred to in Section II, subsection C, point 1, of the Convention. ,

2.

in the case of accounts of natural persons, consisting of 30 June 2014 and accounts of high value within the meaning of Annex I, Section II, Subsection D of the Agreement for that day or 31 December 2015 or 31 December of a following year, the accounts must be: Due diligence shall be complied with in accordance with the procedure described in Annex I, Section II, subsection B to subsection E of the Agreement, in place of the 31 referred to in Section II, subsection E, point 1, first sentence. December 2014, 30 June 2015,

3.

in the case of accounts of natural persons opened on or after 1 July 2014, due diligence must be carried out in accordance with the procedure laid down in Annex I, Section III, Subsection B to Subsection D of the Agreement, are complied with,

4.

in the case of accounts of entities existing as of 30 June 2014, due diligence must be complied with in accordance with the procedure laid down in Annex I, Section IV of the Agreement, in lieu of the procedure referred to in Section IV, subsection B, and Subsection E (1) and (2) of 31 December 2013 shall enter into force, in place of the 31 December 2015 of 30 June 2016 referred to in section IV, subsection E, point 1, and in place of the subsection E, section E, section E, section E, point 2 "31 December of the following year" shall be the term "31 December of the year 2015 or of a term" the following year ",

5.

in the case of accounts of entities which are opened on or after 1 July 2014, due diligence must be complied with in accordance with the procedure set out in Annex I, Section V of the Agreement.

(3) The notifying German financial institutions shall be free to take out the following accounts from the verification and identification:

1.

the accounts listed in Annex I, Section II, Subsection A, and Section IV, Section A, of the Agreement, of which, by way of derogation from the said 31 December 2013, the date of 30 June 2014 is to be applied,

2.

the new accounts of natural persons listed in Annex I, Section III, Subsection A, of the Agreement, with the reference date for the qualification as a new account of 1 July 2014, and

3.

New accounts of legal entities, with the reference date for qualifying as a new account on 1 July 2014.

a)

that are either credit card accounts or a revolving loan grant, which is treated as a new account of a legal entity, and

b)

for which the financial institution has made arrangements to prevent an account balance of more than USD 50 000 owed to the account holder.

The right to exclude accounts from verification and identification shall be exercised in a uniform manner either for all the above accounts or for clearly identifiable groups of accounts. (4) All the US dollar amounts referred to in Annex I to the Agreement shall include the following: Value in other currencies. For the conversion of the US dollar amounts for the review of accounts held in euros, the euro reference rate of the European Central Bank, published by the Deutsche Bundesbank, shall be the United States dollar, which shall be published on the last day of the calendar year. the year in which the reporting German financial institution determines the balance or the value of the account. (5) For the identification of US notifiable accounts in accordance with paragraphs 1 to 3, the accounts referred to in Annex I, Section VI Subsection C (1) to (3) of the Agreement, summary (6) In place of the procedure described in paragraph 2 (1) to (5), notifying German financial institutions shall be authorised to use the alternative procedure referred to in Annex I, Section I, subsection C of the Agreement, to determine whether an account is a US notifiable account or an account of a non-participating financial institution. (7) For existing accounts of natural persons in which the reporting German financial institution is responsible within the framework of its Function as a function of the Federal Tax Authority of the United States of America (Internal Revenue Service) accredited qualified intermediary has sufficient and up-to-date documentation to ensure that the account holder is not a specified person of the United States of America, does not need any further information Verification and no documentation to be obtained. Unofficial table of contents

§ 6 Small financial institutions with local customer base

Small financial institutions with a local customer base within the meaning of Annex II, Section II, subsection A of the Agreement shall be subject to the identification and/or the identification and the identification of the identification and the identification of the local customer base within the meaning of Section II, Section II, Section A, point Duty of care, with the entry into force of the 1 January 2014 of 1 July 2014, as mentioned in this sub-section.

Section 3
Registration of financial institutions

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§ 7 Registration requirement

(1) Melting German financial institutions which hold accounts subject to the obligation to notify US notifiers within the meaning of Article 2 (4) or accounts of non-participating financial institutions within the meaning of Article 1 (1) (r) of the Agreement shall be obliged to:

1.

to register with the Federal Tax Office of the United States of America (Internal Revenue Service) and

2.

request an International Intermediary Identification Number at this Federal Tax Authority.

You are using the registration portal provided by the Federal Tax Office of the United States of America (Internal Revenue Service), which can be accessed via the Internet. The Federal Central Office for Taxes publishes the Internet address of the Registration Portal of the Federal Tax Office of the United States of America (Internal Revenue Service) on its website. (2) Paragraph 1 also applies to small Financial institutions with a local customer base within the meaning of Annex II, Section II, subsection A of the Agreement, if they lead to notifiable accounts within the meaning of Annex II, Section II, subsection A, point (g) and (h) of the Agreement.

Section 4
Data collection and data transmission

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§ 8 Reporting and transfer obligations with respect to US-American notifiable accounts

(1) Melting German financial institutions shall collect the following data in respect of the US notifiable accounts which are identified in accordance with § 5:

1.

Name, address and US tax identification number of each specified person of the United States of America, which is the holder of the account, and of a non-US legal entity for which, pursuant to the provisions of Section 2 , the identification and due diligence obligations listed above are identified by one or more dominant persons who are the specified persons of the United States of America, name, address and, where appropriate, US-American The tax identification number of this legal entity and of all the data identified for it specified persons of the United States of America,

2.

Account number or functional equivalent if there is no account number,

3.

Name and identification number of the notifying German financial institution,

4.

Account balance or account value, including the cash value or the repurchase value in the case of repurchase insurance or pension insurance contracts, calculated at the end of the calendar year in question or, if the account has been dissolved during the year, at the time immediately before account resolution,

5.

for depositary accounts:

a)

the total gross proceeds of the interest, the total gross income of the dividends and the total gross proceeds of other income obtained by means of the assets held on the account and in each case in the account or in relation to the account in the course of the a calendar year or during any other appropriate reporting period, or credited to the account; and

b)

the total gross proceeds from the sale or repurchase of assets which have been paid into the account or credited to the account during the calendar year or during any other appropriate reporting period, and for which the , acting as a depositary, broker, authorized representative or otherwise representative of the account holder,

6.

in the case of deposit accounts: the total gross income of the interest paid into the account or credited to the account during the calendar year or during another appropriate reporting period, and

7.

in the case of all other accounts: the total gross amount paid to or credited to the account holder in respect of the account during the calendar year or during another appropriate reporting period, and for which the reporting German The financial institution shall be debtor; the total gross amount shall include all redemption amounts made to the account holder during the calendar year or during any other appropriate reporting period.

(2) By way of derogation from paragraph 1,

1.

for the calendar year 2014 only the data listed in paragraph 1 (1) to (4) shall be collected and transmitted to the Federal Central Office for Taxes and

2.

to collect, for the calendar year 2015, only the data referred to in points 1 to 5 (a) and (6) and (7) of paragraph 1, and to forward it to the Federal Office for Taxes.

(3) The reporting German financial institution shall forward the data in accordance with paragraphs 1 and 2 to the Federal Central Office for Taxes by 31 July of the following calendar year in accordance with the officially prescribed data record. (4) In addition, the accounts listed in § 5 (3) may be excluded from the notification, even if they have been identified as US-American notifiable accounts. (5) The US tax identification number of specified persons of the United States of America is on account of the accounts held on 30 June 2014 in respect of data for the calendar years 2014 to 2016 inclusive, only provided that the documents of the notifying German financial institution contain this tax identification number. Otherwise, the reporting German financial institution shall indicate the date of birth in the case of natural persons if it is included in the documents of the notifying German financial institution. For data from the calendar year 2017, the US tax identification number shall be collected and transmitted by the notifying German financial institution in which the account is taken. (6) The The identification number of the notifying German financial institution is the International Identification Number for Intermediaries to be applied for by the Federal Tax Office of the United States of America (Internal Revenue Service) in accordance with § 7 (7) In the case of amounts of money, the currency to which the currency is to be declared shall be: (8) § § 1 to 6 of the Tax Data Delivery Ordinance shall apply accordingly. Unofficial table of contents

§ 9 forwarding of data to the Federal Tax Office of the United States of America and receipt of notifications

(1) The Federal Central Office for Taxes shall store the data received by the notifying German financial institutions in accordance with Article 8 (3) and forward it to the 30th September of the calendar year following the calendar year for which the data are determined to the Federal Tax Office of the United States of America (Internal Revenue Service). (2) The Federal Central Office for Taxes accepts the reports to be transmitted by the United States of America under the Agreement to German to prevent, store and forward to the accounts which are subject to reporting obligations under the Agreement, (3) The data stored by the Federal Central Office for Taxes pursuant to paragraphs 1 and 2 shall be 15 years after the end of the year in which the transfer has been made, deleted. If a change report is sent to a recorded message, the original message shall be submitted for 15 years from the date on which the change report is received. (4) All information exchanged shall be subject to the Restrictions on the use provided for in Article 26 of the Agreement between the Federal Republic of Germany and the United States of America to avoid double taxation and to prevent the reduction of taxes in the area of taxes on income and of assets and some other taxes of 29 August 1989 (BGBl. 355), taking into account the Protocol of Amendment of 1 June 2006 (BGBl. 1184), as amended by the Notice of 4 June 2008 (BGBl. 611), in conjunction with Article 3 (7) of the Agreement. Unofficial table of contents

§ 10 Survey and transfer obligations in respect of payments to non-participating financial institutions in the calendar years 2015 and 2016

(1) Melting German financial institutions shall collect the following data on the accounts of non-participating financial institutions in accordance with § 5 of the Agreement for the 2015 and 2016 calendar years and shall have the following data to the Federal Central Office for Taxes. shall transmit:

1.

the name of the non-participating financial institution to which the notifying German financial institution has made one or more payments in the relevant calendar year,

2.

Total amount of payments made to this non-participating financial institution during the calendar year concerned.

(2) The reporting German financial institution shall forward this data to the Federal Central Office for Taxes by 31 July of the following calendar year in accordance with the officially prescribed data record by means of the remote data transmission. § § 1 to 6 of the Tax Data Delivery Ordinance shall apply accordingly.

Section 5
Irregularities

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§ 11 Administrative Offences

Contrary to § 379 (2) (1b) of the Tax Code, who intentionally or recklessly against § 8 (3) or § 10 (1) or (2) sentence 1 data is not correct, not correct, not complete or not in good time is transmitted.

Section 6
Final destination

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§ 12 Entry into force

This Regulation shall enter into force on the day following the date of delivery. Unofficial table of contents

Final formula

The Federal Council has agreed.