Foreign Account Tax Compliance Act Report

Hlavní informace

Based on the agreement between the Czech Republic and the United States of America to improve international tax compliance and with respect to the United States' information and reporting legislation commonly known as the Foreign Account Tax Compliance Act (‘FATCA’) Czech financial institutions are required to file a Foreign Account Tax Compliance Act Report.

Reporting Czech financial institutions are also obliged to register for FATCA purposes through the IRS registration system, and as part of the registration they will be assigned a ‘GIIN’ (Global Intermediary Identification Number). Reporting Czech financial institutions and non-reporting financial institutions that maintain a reportable account held by a reported U.S. person are required to apply for a GIIN. 

A financial institution must apply for a GIIN so that it is obtained no later than the day before the day on which it is due to file a report with the tax authorities, which is due by 3 May of the calendar year in which the financial institution is due to file its first report. The registration number (GIIN) must be reported by the financial institution to the tax authorities.

Týká se vás to pokud

You are a Czech reporting financial institution (a custodial institution, depository institution, investment entity, or specified insurance company) that maintains financial accounts held by a reporting person (a US citizen).

Kdy službu řešit

The report shall be submitted by 30 June of the calendar year following the calendar year for which it is submitted.

Doplňující informace

Jaký má služba benefit

Ensuring compliance with the agreement between the Czech Republic and the United States of America to improve international tax compliance known as the Foreign Account Tax Compliance Act.

Možnosti odvolání

No appeal is possible.

Sankce

Obligations of a non-monetary nature for the violation of which a fine may be imposed include the obligation to verify, the obligation to ascertain, the obligation to keep documents, to obtain an identification number, and reporting or other notification obligations established by the Tax Code or the tax administrator.

The tax administrator may impose a fine of up to CZK 500 000 on a reporting financial institution or a non-reporting Czech financial institution if it breaches its reporting obligations.

A fine for failure to comply with an obligation of a non-monetary nature may be imposed for failure to comply with a registration, reporting or other notification obligation set out in the Tax Code or by the tax administrator. A fine may also be imposed for failure to comply with the recording or other registration obligation set out in the Tax Code. These fines can be imposed repeatedly.

Časté dotazy

Where can I find more information about FATCA?

For more information about FATCA please see FATCA | International Taxation – Direct Taxes | International Cooperation | Financial Administration (financnisprava.cz).