FATCA

FATCA (The Foreign Account Tax Compliance Act) is a U.S. legislation that was enacted in March 18, 2010 and that entered into force on July 1st, 2014.



The purpose of FATCA is to improve compliance of U.S. taxpayers who hold financial assets outside U.S.A. via introduction of a reporting regime for financial institutions with respect to certain accounts.
 

FATCA requires from non-U.S. financial institutions to identify U.S. financial account holders and entities with U.S. controlling person and to report information about the financial assets in their financial accounts.
 

If non-U.S. financial institution will not participate in FATCA system it will be subject to 30 % withholding on withholdable payments irrespective if beneficial recipient of such payment is the financial institution itself or its clients.
 

In order to remove domestic legal impediments to compliance, the U.S. Treasury Department has collaborated with foreign governments to develop Intergovernmental Agreements (IGA) for FATCA implementation in several forms.
 

Agreement between Government of the Republic of Slovenia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA (Agreement) was signed on June 2, 2014 and is in effect from July 1, 2014. Agreement follows IGA Model 1 with reciprocity in exchange of information between the countries.
 

Gorenjska banka d.d., Kranj is registered with IRS for FATCA purposes (IGA Model 1):
 
FATCA status: Registered Deemed Compliant FFI
GIIN: A9TDHL.99999.SL.705
Form W-8BEN-E 
 


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FATCA

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