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The bill implementing the intergovernmental agreement concerning FATCA regulation

On 13th May 2015 a bill implementing the intergovernmental agreement concerning FATCA regulation was published on the site of the Public Information Bulletin of the Government Legislation Centre.

The aim of the above bill is to introduce regulation allowing polish financial institution to perform duties imposed on them by the FATCA regulation. In other words, the bill shall provide a legal basis in internal regulations to collect, process and transfer information by financial institutions, at appropriate times, to the national tax authorities.

As a consequence, due to the introduction of the new regulation, financial institutions shall be granted authorization to identify US financial accounts and to provide information about their owners, their incomes and balances associated with those accounts. Whereas, the polish tax authorities shall be entitled to transfer such data to the US Treasury.

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