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The Law implementing FATCA signed by the President

On October 16th 2015, the President of the Republic of Poland signed the Act on the enforcement of the FATCA Intergovernmental Agreement. The Act creates a legal basis to enable the execution of reporting obligations under FATCA Intergovernmental Agreement, which entered into force on 1st July 2015.

The Act contains regulations necessary for identification, collection, processing and transmission of information on financial accounts held by citizens or residents of the United States by the Polish financial institutions to the national tax administration. The acquired data will be subject to automatic exchange between Poland and the United States.

The Act will come into force on 1st December 2015.

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