FATCA/CRS

Foreign Account Tax Compliance Act (FATCA) and Qualified Intermediary Status

Public Joint Stock Company “SPB Bank” (hereinafter – the “Bank”) is registered with the U.S. Internal Revenue Service (IRS) in order to be compliant with Foreign Account Tax Compliance Act (FATCA).

Common Reporting Standard (CRS) 

CRS – a Standard for Automatic Exchange of Financial Account Information developed by the OECD (Organization for Economic Cooperation and Development). CRS is an international analogue of FATCA aimed at increase of fiscal transparency and prevention of global tax evasion. Within the scope of the CRS the Bank meets all obligations and regulatory requirements imposed on it. Therefore, any persons, who conclude (concluded) a contract with the Bank, which stipulates provision of financial services, shall submit to the Bank information allowing to establish tax residence in relation to themselves, beneficiaries and(or) any persons controlling them directly or indirectly.

Management of issues concerning FATCA and the CRS

To meet the above-mentioned requirements concerning FATCA and the CRS, the Bank customers are surveyed with the use of the approved forms:

• Checklist for an individual and an individual entrepreneur for FATCA purposes (including an individual entrepreneur),
• Checklist for a legal entity for FATCA purposes,
• Form to confirm the tax resident status of individual customers and individual entrepreneur customers,
• Form to confirm the tax resident status of legal entities (including financial market organizations), including foreign entities,
• Criteria for qualifying PJSC “SPB Bank” customers as foreign taxpayers and the methods of acquisition from them of the information required.

 

 

Requirements to automated processing of tax identification forms in the Bank.

Procedure for Depository accounting and provision of information to comply with requirements of the U.S. Internal Revenue Code by depositors of PJSC SPB Bank when receiving income on U.S. securities .

1. Application for withholding tax upon payment of income on U.S. securities to which the provisions of Chapters 3 and 4 of the U.S. Internal Revenue Code apply, on the holder's custody accounts from a non-U.S. tax resident Depositor of Public Joint Stock Company SPB Bank,
2. Application for withholding tax upon payment of income on securities of U.S. issuers to which the provisions of Chapters 3 and 4 of the U.S. Internal Revenue Code apply, on the holder's Custody Sub-Accounts from a non-U.S. tax resident Depositary’s Client of Public Joint Stock Company SPB Bank,
3. Application for Tax Withholding on Payment of Income on U.S. Securities subject to the provisions of Chapters 3 and 4 of the U.S. Internal Revenue Code, on Custody Accounts of nominee/Trust manager from a Depositor of Public Joint Stock Company SPB Bank that is not a Qualified Intermediary under the U.S. Internal Revenue Code,
4. Application for withholding of foreign tax upon payment of income on U.S. securities to which the provisions of Chapters 3 and 4 of the U.S. Internal Revenue Code apply, on nominee/trust manager custody sub-accounts from a Depositary’s Client of Public Joint Stock Company SPB Bank which has no Qualified Intermediary status under the U.S. Internal Revenue Code,
5. Application for withholding of foreign tax upon payment of income on U.S. securities to which the provisions of Chapters 3 and 4 of the U.S. Internal Revenue Code apply, on nominee/trust manager custody accounts from a Bank Depository which has Qualified Intermediary status under the U.S. Internal Revenue Code,
6. Application for withholding of foreign tax upon payment of income on U.S. securities to which the provisions of Chapters 3 and 4 of the U.S. Internal Revenue Code apply, on nominee/trust manager custody sub-accounts from a Depositary’s Client of Public Joint Stock Company SPB Bank which has Qualified Intermediary status under the U.S. Internal Revenue Code.
7. Application for withholding of foreign tax upon payment of income on U.S. securities to which the provisions of Chapters 3 and 4 of the U.S. Internal Revenue Code apply, on nominee/trust manager custody accounts from a Bank Depository which has Withholding Qualified Intermediary status under the U.S. Internal Revenue Code.
8. Application for withholding of foreign tax upon payment of income on U.S. securities to which the provisions of Chapters 3 and 4 of the U.S. Internal Revenue Code apply, on nominee/trust manager custody sub-accounts from a Bank Depository which has Withholding Qualified Intermediary status under the U.S. Internal Revenue Code.

 

Form of supplying information on disclosing holders of securities from the Bank Depositor having no status of a Qualified Intermediary.