US Legislation on Foreign Account Tax Compliance Act – FATCA:
FATCA was adopted in Greece by Law 4493/2017, which ratified the intergovernmental agreement between Greece and the United States regarding the implementation of FATCA in Greece and provides that financial institutions operating in Greece are required to collect information on accounts held by their customers, both individuals and legal entities, who are considered “U.S. Persons” under the law.
In compliance with the aforementioned law, Telekom Payments is required to report annually to the Greek Independent Authority for Public Revenue (A.A.D.E.) specific data regarding accounts held by its customers, who are considered “U.S. Persons” under the law (i.e. individuals who are citizens or residents of the United States or legal entities established or incorporated in the United States) in order for this information to be subsequently reported to the U.S. Internal Revenue Service (IRS).
Based on the above, Telekom Payments is obliged to report to A.A.D.E. the following information regarding customers who fall into the above categories:
- Full name
- Tax Residence Address
- Tax Identification Number (TIN) or Social Security Number (US SSN)
- Account details and balance
Telekom Payments does not provide tax or legal advice. For any information or assistance regarding the US tax framework or your tax status, you can visit the IRS website or contact your tax or legal advisor.
Common Reporting Standard CRS & European Directive 2014/107/EU (DAC 2)
The Common Reporting Standard (CRS) was developed by the Organization for Economic Cooperation and Development (OECD) and requires financial institutions operating in participating countries to collect and exchange financial account information of their customers who are considered liable persons. Among the participating jurisdictions that have agreed to implement the CRS is Greece, pursuant to Law 4170/2013, as amended by Law 4378/2016 and Law 4428/2016.
At the same time, the implementation of the automatic exchange of information based on the CRS was ensured at EU level, with the adoption of Directive 2014/107/EU (commonly known as ‘DAC 2’) on the mandatory automatic exchange of financial account information.
In compliance with the above, Telekom Payments is obliged to report to A.A.D.E. specific data regarding accounts of its customers, whose tax residence is in a country participating in the automatic exchange of information in the tax sector.
Based on the above, Telekom Payments is obliged to report to A.A.D.E. the following information regarding customers who fall into the above categories:
- Full name
- Tax Residence Address
- Tax Identification Number (TIN)
- Account details and balance
Telekom Payments does not provide tax or legal advice. For any information or assistance regarding the framework for the automatic exchange of financial account information or your tax status, you can visit the OECD website, or AADE website or contact your tax or legal advisor.