Poland MOF Issues Updated Information on FATCA Reporting Requirements

The Polish Ministry of Finance July 13 issued updated information for financial institutions on reporting requirements under the U.S. Foreign Account Tax Compliance Act (FATCA) concerning U.S. taxpayer identification numbers (U.S. TINs). The information covers reporting for years 2020 and forward. The information includes: 1) the obligation for financial institutions to obtain and exchange FATCA information for U.S. TIN data for each specified U.S. person who is an account holder or a controlling person of a non-U.S. entity; 2) procedures that financial institutions should follow when a U.S. party indicates it needs more information regarding missing TINs; 3) the use ...