Law (2015:63) On The Exchange Of Information On The Occasion Of The Fatca Agreement

Original Language Title: Lag (2015:63) om utbyte av upplysningar med anledning av FATCA-avtalet

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2015:63

Scope of application



section 1 of this Act apply to such automatic exchange of

information referred to in the agreement between the Swedish Government and

The Government of the United States to improve

international tax compliance and to

implementing FATCA (FATCA).



Transfer of data



section 2 of the tax agency, to the Federal

the tax authorities by means of automatic exchange transfer

information provided by the Swedish tax agency has received in the form of

control tasks and that, according to information from the

a reporting obligation, concerning a reportable

account as described in Chapter 2. section 21 of the Act (2015:62) if

identification of reportable accounts with reason

of FATCA. Information shall be transmitted on the information

(a) to be provided in accordance with Chapter 22. 2-8 sections and chapter 24. 4 § 1

tax Procedure Act (2011:1244).



The information shall be transmitted at least once a year and

include information about which currency each amount specified in.



Administrative or other minor errors



section 3 of the Revenue Commissioners shall inform the Federal

the tax authority if the tax agency has reason to believe that the less

or administrative error has occurred which may have resulted in

incorrect or incomplete information has been reported from

United States, or that has resulted in other violations of the

FATCA agreement.



If the federal tax authority informs

The tax agency that the authority has reason to believe that the less

or administrative error has occurred which may have resulted in

incorrect or incomplete information has been reported from

Sweden or that has resulted in other violations of the

Fatca tax agency agreement, shall take the measures

possible under Swedish law to obtain accurate

and complete information or to remedy

violations of the agreement.



Material violation



section 4 of the Swedish tax agency shall inform the Federal

the tax authority if the tax agency has found that a

such a reporting obligation American financial institution

referred to in the FATCA agreement has committed a substantial

violation of obligations of FATCA.



If the federal tax authority informs

The tax agency that such a reporting obligation

financial institution as described in Chapter 2. section 19 of the Act (2015:62)

on the identification of reportable accounts with

reason of FATCA agreement has committed a substantial

breach of obligations under FATCA agreement, shall

The Swedish tax authorities take the measures possible under Swedish

legislation to address the substantial infringement.



Use of information provided by the Swedish tax agency receives



§ 5 information provided by the Swedish tax agency receives from the

Federal tax authorities within the framework of the

automatic exchange of information as referred to in the FATCA agreement may

be used only for taxation purposes and only in the case of

the taxes covered by the Act (1994:1617) if

double taxation treaties between Sweden and the United

States.



Transitional provisions



2015:63



1. this law shall enter into force on 1 april 2015.



2. The tax agency shall assess whether the United States has the appropriate

security provisions in place to ensure that

information received will remain confidential

and exclusively used for taxation purposes, and a

infrastructure for an effective exchange of information.

The tax office will notify the US Federal

the tax when the tax agency assessed that such

safety rules and such an infrastructure is on

place.



3. the provisions of paragraph 2 shall apply as from the date on which the

The tax agency will leave such a message to the U.S.

Federal tax authorities referred to in point 2.