- Act Nr. XXXVII of 2013 on certain regulation connected with the international administrative cooperation on tax and other public burdens.
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- Job Morton
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1 Dear Customer, The Hungarian Parliament introduced the Common Reporting Standards, CRS on the automatic financial data exchange with the effect of The aim of the regulation is to hinder the tax cheating and tax evasion and to provide information to the tax authorities of the participated countries on the accounts of the customers having residence in the given countries. The regulation on CRS has been executed by 70 participating countries in October 2014, and Hungary obliged itself as well to provide information according to the CRS multilateral agreement, and according to the directive 2014/107/EU adopted by the Council of Europe The CRS and the EU directive have been implemented by the following Hungarian Acts: - Act Nr. CXC of 2015 on the announcement of multilateral agreement on the automatic data exchange concerning the financial accounts among the relevant authorities (hereinafter: CRS regulation) and - Act Nr. XXXVII of 2013 on certain regulation connected with the international administrative cooperation on tax and other public burdens. Our bank is obliged to observe the tax residence status of the customers due to the CRS regulation and the customers have to make a declaration on their tax status before the account opening and have to declare whether they have a tax status exempt for Hungary USA. If the tax status of the customer is in a country concerned by the CRS regulation. (Annex 1.) the account opened by the customer is a Reported Account (hereinafter Reported Account) The information (including the name of the customer, address, tax identification number, account number and balance) has to be collected by the bank in order to forward them yearly to the Hungarian National Tax and Customs Office.. The Bank observes the tax status of all new customers from in line with the CRS regulation and the customers having business relationship with the Bank before are observed continuously The natural person customers intending to open an account with the Bank (including the entrepreneurs and agricultural producers) have to make a declaration on their tax status after and if they have the above mentioned tax status the foreign tax identification number has to be declared. If the customer has tax status in more countries, each tax status may be declared. The non private individual customers who open an account after have to make a declaration moreover their tax status on the following: a) CRS status (Financial Institution / Active NFE / Passive NFE), and b) In case of Passive NFE on the foreign tax status of the beneficial owners.
2 The foreign tax status of the customers having account with the Bank before are monitored continuously and the Bank requests the customers to make the CRS declaration due to the legal regulation above. The CRS regulation obliges the Bank to report in written form the concerned customers having foreign tax status on the provision of information in 30 days after the data providing toward the National Tax and Customs Office (NAV) took place. Sopron Bank Zrt. Annex I. Countries participating in the CRS regulation: 1. Albania 2. Andorra 3. Anguilla 4. Antigua and Barbuda 5. Argentina 6. Aruba 7. Australia 8. Austria 9. Azerbaijan 10. Bahrain 11. Barbados 12. Belgium 13. Belize 14. Bermuda 15. Brazil 16. British Virgin Islands 17. Bulgaria 18. Chile 19. Cyprus 20. Cook-Islands 21. Costa Rica 22. Curacao 23. Czech Republic 24. Denmark 25. South-Africa 26. United Arab Emirates 27. United Kingdom 28. Estonia 29. Faroe islands 30. Finland 31. France and overseas territories: - Francia Guyana - Guadeloupe - Martinique - Réunion és - Saint-Barthélemy 32. Ghana
3 33. Gibraltar 34. Greece 35. Grenada 36. Greenland 37. Guernsey 38. The Netherland and overseas territories - Bonaire, Sint Eustatuius and Saba 39. Croatia 40. India 41. Indonesia 42. Ireland 43. Iceland 44. Israel 45. Japan 46. Jersey 47. Cayman-islands 48. Canada 49. China 50. Columbia 51. Korea 52. Kuwait 53. Poland 54. Latvia 55. Lebanon 56. Liechtenstein 57. Lithuania 58. Luxemburg 59. Malaysia 60. Malta 61. Man island 62. Marshall islands 63. Mauritius 64. Mexico 65. Monaco 66. Montserrat 67. Germany 68. Nauru 69. Nigeria 70. Niue 71. Norway 72. Italy 73. Russia 74. Pakistan 75. Portugal 76. Romania 77. Saint Kitts and Nevis 78. Saint Lucia 79. Saint Vincent and Grenadine islands 80. Samoa
4 81. San Marino 82. Seychelles islands 83. Saint Maarten 84. Spain 85. Switzerland 86. Sweden 87. Saudi Arabia 88. Singapore 89. Slovakia 90. Slovenia 91. Turkey 92. Turks and Caicos islands 93. New Zealand Annex II. t Definitions for the CRS classification of the non private individuals The term Financial Institution means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company. The term Custodial Institution means any Entity that holds, as a substantial portion of its business, Financial Assets for the account of others. An Entity holds Financial Assets for the account of others as a substantial portion of its business if the Entity s gross income attributable to the holding of Financial Assets and related financial services equals or exceeds 20 per cent of the Entity s gross income during the shorter of: (i) the three-year period that ends on 31 December (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the Entity has been in existence. The term Depository Institution means any Entity that accepts deposits in the ordinary course of a banking or similar business. The term Investment Entity means any Entity: a) that primarily conducts as a business one or more of the following activities or operations for or on behalf of a customer: i. trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading; ii. individual and collective portfolio management; or iii. otherwise investing, administering, or managing Financial Assets or money on behalf of other persons; or b) the gross income of which is primarily attributable to investing, reinvesting, or trading in Financial Assets, if the Entity is managed by another Entity that is a Depository Institution, a Custodial Institution, a Specified Insurance Company, or an Investment Entity described in subparagraph A(6)(a).
5 An Entity is treated as primarily conducting as a business one or more of the activities described in subparagraph A(6)(a), or an Entity s gross income is primarily attributable to investing, reinvesting, or trading in Financial Assets for purposes of subparagraph A(6)(b), if the Entity s gross income attributable to the relevant activities equals or exceeds 50 per cent of the Entity s gross income during the shorter of: (i) the three-year period ending on 31 December of the year preceding the year in which the determination is made; or (ii) the period during which the Entity has been in existence. The term Investment Entity does not include an Entity that is an Active NFE because it meets any of the criteria in subparagraphs D(9)(d) through (g). The term Active NFE means any NFE that meets any of the following criteria: a) less than 50 per cent of the NFE s gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50 per cent of the assets held by the NFE during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income; b) the stock of the NFE is regularly traded on an established securities market or the NFE is a Related Entity of an Entity the stock of which is regularly traded on an established securities market; c) the NFE is a Governmental Entity, an International Organization, a Central Bank, or an Entity wholly owned by one or more of the foregoing; d) substantially all of the activities of the NFE consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an Entity does not qualify for this status if the Entity functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund, or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes; e) the NFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution, provided that the NFE does not qualify for this exception after the date that is 24 months after the date of the initial organization of the NFE; f) the NFE was not a Financial Institution in the past five years, and is in the process of liquidating its assets or is reorganizing with the intent to continue or recommence operations in a business other than that of a Financial Institution;
6 g) the NFE primarily engages in financing and hedging transactions with, or for, Related Entities that are not Financial Institutions, and does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution; or h) the NFE meets all of the following requirements: i. it is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organization, business league, chamber of commerce, labour organization, agricultural or horticultural organization, civic league or an organization operated exclusively for the promotion of social welfare; ii. it is exempt from income tax in its jurisdiction of residence; iii. it has no shareholders or members who have a proprietary or beneficial interest in its income or assets; iv. the applicable laws of the NFE s jurisdiction of residence or the NFE s formation documents do not permit any income or assets of the NFE to be distributed to, or applied for the benefit of, a private person or non-charitable Entity other than pursuant to the conduct of the NFE s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFE has purchased; and v. the applicable laws of the NFE s jurisdiction of residence or the NFE s formation documents require that, upon the NFE s liquidation or dissolution, all of its assets be distributed to a Governmental Entity or other non-profit organization, or escheat to the government of the NFE s jurisdiction of residence or any political subdivision thereof. The term Passive NFE means any: (i) NFE that is not an Active NFE; or (ii) an Investment Entity described in subparagraph A(6)(b) that is not a Participating Jurisdiction Financial Institution.
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