For The Implementation Of The Provisions Of The Act Regarding The Fulfilment Of Tax Liabilities In Respect Of Foreign Accounts (Fatca) And Modification And Completion Of Some Legislative Acts

Original Language Title: pentru implementarea prevederilor Actului privind îndeplinirea obligaţiilor fiscale cu privire la conturile străine (FATCA) şi pentru modificarea şi completarea unor acte legislative

Read the untranslated law here: http://lex.justice.md/index.php?action=view&view=doc&lang=1&id=362836

for the implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA) and modification and completion of some legislative acts



Published: 29.01.2016 in Official Gazette No. 20-24 art Nr: 46 Parliament adopts this organic law.
Art. I.-the entry into force of the provisions of the cooperation agreement between the Government of the Republic of Moldova and the Government of the United States of America in order to facilitate implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA) reporting financial institutions of the Republic of Moldova (defined by the said agreement) shall apply the provisions of the agreement as set forth.
Art. II.-in the context of the implementation of the cooperation agreement between the Government of the Republic of Moldova and the Government of the United States of America to facilitate the implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA), subject to the conditions and/or in the cases set out in this agreement, the reporting of financial institutions (as defined in such agreement mentioned) carries out tax withholding at source by default under FATCA.
Art. III.-to implement the cooperation agreement between the Government of the Republic of Moldova and the Government of the United States of America to facilitate the implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA) if customers falling expresses consent agreement relating to the supply of information and personal data relating to them, and do not submit form W9 or W8 form or another similarly agreed (if applicable) reporting, financial institutions of the Republic of Moldova (defined by the agreement) does not open accounts and close the accounts, except that on the money from the accounts of existing customers is foreclosed and/or customers own contractual versus reporting financial institutions of the Republic of Moldova in the form of credits and/or bank guarantees. In exceptional cases, as for accounts, transactions shall be made only for carrying out seizure applied or contractual commitments mentioned against the reporting financial institutions of the Republic of Moldova.
Art. IV.-for the purposes of implementing the provisions of section VI, paragraph 4 (C) of annex I to the agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America in order to facilitate implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA) spot as being published (published spot rate) will use the official exchange rate of Moldovan Leu versus foreign currency.
Art. V.-Article 22 of the law on financial institutions no. 550-XIII of 21 July 1995 (republished in the Official Gazette of the Republic of Moldova, 2011, no. 78-81, art. 199), with subsequent amendments, shall be completed as follows: (6) shall be completed in the end with the text: "the request for the provision of information, the authority referred to in paragraph 1. (5) (a). e) may not contain the identity data of the person (s) referred to in cases where the requested information and/or under the terms of the cooperation agreement between the Government of the Republic of Moldova and the Government of the United States of America in order to facilitate implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA). "in paragraph (7) shall be supplemented with the letter i) with the following contents : ' i) to supply information in accordance with the provisions and within the limits of the cooperation agreement between the Government of the Republic of Moldova and the Government of the United States of America in order to facilitate implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA). "
Art. Vi.-Article No. 226 of the code. 1163-XIII of 24 April 1997 (reprinted in the Official Gazette of the Republic of Moldova, special edition of 8 February 2007), as amended, is modified and completed as follows: under paragraph (1), the words "the determination of tax obligation" shall be replaced with the words "tax administration, as well as for the realization of the international treaties to which Moldova is a party";
article is supplemented with paragraph 8 with the following contents: "(8) In the context of the implementation and completion of the international treaties to which Moldova is a party, the tax authority may require any person falling under any of the provisions of the treaties, through a subpoena of the treaty concerned, specific disclosure prescribed herein."
Art. VII.-in article 31 of law No. 407-XVI of 21 December 2006 concerning insurance (Official Gazette of the Republic of Moldova, 2007, no. 47-49, art. 213), with subsequent amendments, paragraph (3) shall be supplemented by the letters k and l)) with the following contents: ") to comply with the reporting requirements laid down in the international treaties to which Moldova is a party;
l) to process personal data in accordance with the law on the protection of personal data. "
Art. VIII.-Article 33 of law No. 171 of 11 July 2012 capital market (Official Gazette of the Republic of Moldova, 2012, no. 193-197, 665), with subsequent amendments, shall be supplemented by paragraphs (6) and (7) with the following contents: "(6) investment firms are entitled to provide investment services and activities reviews which fall under the cooperation agreement between the Government of the Republic of Moldova and the Government of the United States of America in order to facilitate implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA) just in case you are registered into the Internal Revenue Service of the United States of America, won the overall number intermediary in accordance with the provisions of the cooperation agreement between the Government of the Republic of Moldova and the Government of the United States of America in order to facilitate implementation of the provisions of the Act regarding the fulfilment of tax liabilities in respect of foreign accounts (FATCA) and complies with the requirements set out in this agreement.
(7) the activities of the investment firm pertaining to the processing of personal data is carried out in accordance with the provisions of law No. 133 of 8 July 2011 on the protection of personal data. "
Art. IX.-by way of derogation from article 7 (1) of the tax code no. 1163-XIII of 24 April 1997, the present law shall be implemented from the date of publication.