FATCA at Raiffeisen Centrobank AG
The Foreign Account Tax Compliance Act (FATCA) is a US legislation that was enacted in March 18, 2010 and that entered into force on July 1, 2014. FATCA is essentially a regulatory reporting requirement for foreign financial institutions on their US account holder base. All units of Raiffeisen Centrobank AG and RBI Group have recognized the importance of FATCA and comply with the FATCA requirements.
Raiffeisen Centrobank AG has already registered itself on the U.S. IRS website with the FATCA Status "Participating Financial Institution not covered by an IGA; or a Reporting Financial Institution under a Model 2 IGA"and has received "28CWN4.00013.ME.040" as Global Intermediary Identification Number (GIIN).
In addition, Austria is one of the jurisdictions that have signed an intergovernmental agreement and are treated by the US as having an intergovernmental agreement Model 2 in effect.
The duly filled in W8-BEN-E form of Raiffeisen Centrobank AG can be downloaded here:
We would like to emphasize that, in accordance with the requirements set forth in § 1.1441-1(e)(4)(iv)B) of the U.S. treasury regulations, the filing and the transmission of withholding certificates may be conducted electronically as PDF document since February 2014.
If you have any further questions, please contact our FATCA Responsible Officer:
CRS (Common Reporting Standard) at Raiffeisen Centrobank AG
In 2014 the Organisation for Economic Cooperation and Development (OECD) has published a global Standard for the Automatic Exchange of Financial Account Information. The so called Common Reporting Standard (CRS) essentially constitutes a regulatory reporting requirement for Financial Institutions seated in participating jurisdictions (currently more than 100 jurisdictions) and pursues the aim to avoid tax evasion.
In December 2014 the CRS was implemented in the EU-Directive on Administrative Assistance in Tax Matters. Due to that European Member States were obligated to implement the provision into national law. In Austria this Standard was implemented into national law with the “Gemeinsamer Meldestandard-Gesetz” (GMSG) on 14 August 2015.
According to the provisions set forth in the GMSG Financial Institutions seated in Austria are obligated to implement appropriate measures to identify their customer’s tax residence (relevant customers are private individuals, entities and under certain circumstances controlling persons) and the Tax Identification Number of the respective jurisdiction of tax residence. Financial Institutions are further required to report financial accounts maintained by customers who are resident for tax purposes in participating jurisdiction to the national tax authority which may exchanges these information with the tax authorities of another country or countries in which the customer (or in certain cases the controlling persons) may be tax resident.
The report of financial accounts includes certain data about the account holder (in certain cases also about the controlling person) as well as data about the account.
Starting on 1 October 2016 Financial Institutions seated in Austria are obligated to implement measures according to GMSG. From this time on all customers who want to open a new account are required to provide a reasonable Self-Certification to determine their tax residence and their Tax Identification Number. This applies for New Customers as well as for Pre-existing Customers (customer which already entered into a business relationship with the Financial Institution and already opened an account prior to 1 October 2016).
Under certain circumstances also Pre-existing Customers who do not open a new account are also required to provide a reasonable Self-Certification in order to clearly determine their tax residence and their Tax Identification Number.
It has to be noted that the obligation to provide a reasonable Self-Certification applies for all customers, irrespective of their tax residence (also for customers who are exclusively tax resident in Austria).
If customers are unsure about their tax residence, they should consult their tax adviser in order to clarify their residence for tax purposes. Further customers may also consult certain information centers of the Austrian tax authority. It has to be noted that Financial Institutions are prohibited from providing any tax or legal advice.
Further information about the OECD Common Reporting Standard can be found on the Automatic Exchange Portal of the OECD.