Bank’s Compliance with FATCA and CRS
What is FATCA?
The U.S. Foreign Account Tax Compliance Act (FATCA) is aimed at preventing tax evasion by U.S. citizens and U.S. Persons through international investment vehicles.
FATCA requires financial institutions across the globe to search their records for U.S. taxpayer accounts and provide the related information to the U.S. Internal Revenue Service (IRS).
FATCA’s Impact on the Bank’s Business
For the purposes of FATCA, and in accordance with Federal Law No. 173-FZ (dated June 28, 2014) on the Specifics of Carrying Out Financial Transactions with Foreign Nationals and Legal Entities, which amends the Code of Administrative Offenses of the Russian Federation and invalidates certain provisions of the Laws of the Russian Federation (hereinafter the “Federal Law”), the Bank shall identify foreign taxpayers among its customers and provide the related information to foreign tax authorities.
In accordance with the Federal Law, the Bank shall request from a customer information that identifies the customer as a U.S. taxpayer, if the Bank has a reasonable, documented assumption that the customer is a foreign taxpayer, or, for the purpose of FATCA, a U.S. taxpayer, and obtain the customer’s consent to the provision of such information to a foreign tax authority. The customer’s consent to the provision of information to a foreign tax authority will also be considered consent to the provision of such information to competent authorities of the Russian Federation.
Status Assigned to the Bank for FATCA Purposes
In accordance with FATCA, the Bank has been registered with the IRS (www.irs.gov) as a Participating Foreign Financial Institution (Participating FFI) under Global Intermediary Identification Number (GIIN): 8KIFHY.00006.ME.643.
IRS Tax Return Forms W-9/W-8BEN to confirm the customer is a U.S. taxpayer.
To establish the tax status of a customer (for FATCA purposes), the Bank shall obtain, and the customer shall complete, tax returns using the forms designated by the IRS, which should then be sent to the following address:
EXIMBANK OF RUSSIA JSC
12 Krasnopresnenskaya embankment
If you have any difficulties selecting the form that is correct for your status, or in completing the form, please contact your tax advisor.
W-9 Form. Please follow this link if you need to complete the W-9 Form, which is available on the IRS website. The form is used for confirming the status of a U.S. Person.
W-8BEN Form. Please follow this link if you need to complete the W-8 Form, which is available on the IRS website. This form is used for confirming the status of a non-U.S. resident for tax purposes.
Methods Used by the Bank to Obtain Information for FATCA Purposes
The Bank may use any legal means available to obtain the information needed to classify a customer as a foreign taxpayer, including but not limited to:
- written and oral questions posed to the customer,
- a form to be completed by the customer to confirm/deny the possibility of their classification as a foreign taxpayer (e.g., tax forms W-8/W-9, as provided in U.S. tax law, or internal forms created by the Bank),
- analysis of the available customer information, including information contained in foreign trade registers*, mass media, commercial databases, etc., and
- other methods that are reasonable and adequate in a given situation.