FATCA

The Foreign Account Tax Compliance Act (FATCA) is the acronym of US law known as the "Tax Compliance Law of Foreign Accounts," which aims to prevent and reduce tax evasion generated by US residents' cross-border activity by avoiding tax payments by US taxpayers, using open accounts with non-US financial institutions.

FATCA is a reporting requirement for financial institutions, based on US taxpayers' accounts, to the Internal Revenue Service (IRS).

Commercial Bank ‘EuroCreditBank’ JSC recognizes the importance of the FATCA and applies the FATCA requirements in its activity, being registered on the American Fiscal Service (IRS) portal with the status of "Participating Foreign Financial Institution" (PFFI) with the FATCA identification code "GIIN code "(" Global Intermediary Identification Number "): 0Y1VUP.99999.SL.498.

The Government of the Republic of Moldova signed the Cooperation Agreement with the USA (Type 2) to facilitate the implementation of the FATCA (Intergovernmental Agreement Model 2) on November 26, 2014, which states that "Financial Institutions report directly to the US Fiscal Service information on accounts held by to US taxpayers and by substantially US-based entities "

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