Law on Tax Compliance for Foreign Accounts
In connection with the signing of the Type 2 FATCA intergovernmental agreement on November 26, 2014, by the Government of the Republic of Moldova, BC Victoriabank S.A. was registered with the U.S. Internal Revenue Service with the status of “Registered Deemed-Compliant – Reporting Model IGA2.”
The Global Intermediary Identification Number (GIIN) of BC Victoriabank S.A. is B9XN3D.99999.SL.498.
FATCA is the acronym for the U.S. law known as the “Foreign Account Tax Compliance Act.” Under FATCA, financial institutions outside the U.S. must:
Identify and obtain information regarding customers and business partners. This information is necessary to determine which customers are reportable U.S. customers;
Report annually the information held about reportable customers.
FATCA aims to prevent U.S. taxpayers from evading taxes through non-U.S. financial institutions or offshore investment vehicles and by concealing their assets from U.S. tax authorities ("IRS").
FATCA applies to all financial institutions outside the U.S. (Foreign Financial Institutions – "FFI") and other financial intermediaries. If BC Victoriabank S.A. fails to comply with FATCA provisions, all of its receipts and those of its customers derived from transactions conducted or initiated in the U.S.—such as dividends and interest paid by U.S. corporations—would be subject to a 30% withholding tax. Therefore, BC Victoriabank S.A., like other banks in Moldova, has decided to implement the changes required by FATCA. Customers identified as U.S. Persons will be reported to the IRS starting in 2015.
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