On realization of legal requirements of FATCA
An agreement between the government of the Republic of Belarus and the government of the United States of America concerning improvement of observance of international tax regulations and implementation of the United States of America law on The Foreign Account Tax Compliance Act (FATCA) was signed on March 24, 2015.
Sergei Nalivaiko Minister of Taxation of the Republic of Belarus and Scott Rauland, Charge d’Affaires a.i. of the United States in Belarus signed this agreement.
Signing this Agreement is directed to supply US Internal Revenue Service with information on accounts opened in financial institutians of the Republic of Belarus, accounts-depot opened in the Republic of Belarus depositaries, on securities contracts or service contracts connected with such transactions or with rights realization proved with securities; voluntary insurance agreement referred to life insurance.
The term «account» covers accounts (contracts), opened in the financial institutions of the Republic of Belarus (concluded with them) by US citizens, those who received Green Card, individuals who stayed in the US for a long period of time (31 days in the current year and 183 days during a three-year period), American organizations, as well as any organization in whose authorized capital 10 per cent or more belong to the US and if such organizations do not perform active business activities.
This Agreement is aimed to report information via Ministry of Taxation to the Internal Revenue Service (IRS).
Information supply will be realized beginning from year 2014 annually in an automatic manner. First accounting for the year 2014 will be send to IRS by September 30, 2015.