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Presentation of BTCP
FATCA
Under Article 62 of Law no.207/2015 on the Code of Tax Procedure, financial institutions are required to report annually to the tax authority of the A.N.A.F. information of a financial nature relating to accounts opened and/or closed by taxpayers residing in countries with which Romania has undertaken through a legal instrument of international law to exchange such information. In view of the provisions:
- Law no.70/2016 on the ratification of the Multilateral Agreement of competent authorities for the automatic exchange of information on financial accounts, signed in Berlin on 29 October 2014, published in the Official Gazette of Romania, Part I, no. 328 of 28 April 2016
- Agreement between Romania and the United States of America to improve international tax compliance and to implement FATCA, signed in Bucharest on 28 May 2015, ratified by Law No 233/2015, published in the Official Gazette of Romania, Part I, No 808 bis of 30 October 2015
- if you are a resident taxpayer of a state with which Romania has undertaken to exchange financial information, then the financial information on the accounts opened and/or closed by you with financial institutions in Romania is subject to reporting to the tax body of the ANAF;
- this information obtained by the tax body of the N.A.A.F. shall be used only for the purpose of exchanging information on resident taxpayers of the States concerned and for improving international tax compliance, in compliance with the provisions of Article 11 of the Tax Procedure Code on Tax Secrecy.