FATCA – Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act is a United States federal law that aims to combat evasion of tax payments, which is or might be carried out by entities subject to FATCA.

FATCA requirements were introduced in the territory of the Republic of Latvia on July 1, 2014 based on the law of the Republic of Latvia “On the Agreement between the Government of the United States of America and the Government of the Republic of Latvia to Improve International Tax Compliance and to Implement FATCA”.

To observe FATCA requirements, AS “Reģionālā investīciju banka” ensures collection and processing of information, as well as its transfer to the State Revenue Service of the Republic of Latvia once a year, starting from 2015, in line with requirements set forth in normative acts of the Republic of Latvia regarding the customers that comply with the status of an entity subject to FATCA. For this purpose, the Bank requests its Customers to fill in and submit necessary forms, specifying information regarding their tax residence and taxpayer’s number, enclosing certifying documents (e.g. US Internal Revenue Service tax forms or other documents).

More detailed information on FATCA is available here:

https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca

https://likumi.lv/doc.php?id=270871

https://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx

US Internal Revenue Service tax forms and instructions are available here:

https://www.irs.gov/forms-instructions

The Bank informs that:

  • the information provided is purely indicative; we invite Customers to study thoroughly the information on their tax residence and taxpayer’s number, and, should any questions arise, to apply to the tax administration of their country and/or tax consultants.
  • the Bank is registered on the website of the US Internal Revenue Service and was assigned a Global Intermediary Identification Number (GIIN) – IHE8ND.00001.ME.428.
  • the Bank submits reports according to Model 1 IGA (Reporting Model 1 FFI).

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