Title: HSBC Armenia and FATCA Compliance: Customers Urged to Submit Tax Documents
Background
In the global push towards financial regulation, the Foreign Account Tax Compliance Act (FATCA) has emerged as a significant regulatory change. Effective from July 1, 2014, this US legislation aims to address tax evasion and will impact several HSBC customers in Armenia.
What is FATCA?
The FATCA legislation, issued by the US Department of the Treasury and the Internal Revenue Service (IRS), requires financial institutions, including HSBC, to report specific financial information about their customers who have a financial interest in or signature authority over accounts or assets that may be subject to FATCA.
HSBC’s Commitment to FATCA Compliance
- “HSBC Armenia is committed to fully complying with FATCA regulations.”
- HSBC is reviewing the legislation’s impact on its customers to ascertain reporting obligations regarding tax status to the IRS.
Required Documentation for HSBC Customers
For HSBC customers in Armenia, it’s essential to submit tax declaration documents and/or US tax forms. These documents confirm and declare their tax status for FATCA purposes.
US Taxpayers
US taxpayers are required to complete the W-9 form.
Non-US Individuals and Entities
Non-US individuals and entities must complete various types of W-8 forms to confirm non-US tax status.
Non-Profit Organizations
Non-profit organizations, societies, associations, charities, or non-profit entities, are recommended to use the HSBC Non-Profit Declaration form.
Trading Businesses and Companies
Trading businesses and companies can use the Active Non-Financial Foreign Entity Declaration form.
Guidance for Completing Forms
HSBC provides additional customer guidance for completing W-9 and W-8BEN-E forms on its website to facilitate the process. Customers should carefully read the forms to ensure they conform to the specified conditions before submitting them.
Responding to Multiple Requests for Information
Customers with multiple relationships with different HSBC entities may receive multiple requests for information. Therefore, responding to all requests is crucial, even if customers believe they’ve already provided the necessary information.
Stay Informed
HSBC continues to update its website with the latest information regarding FATCA. It’s important for customers to stay informed and submit the required documents promptly to ensure a smooth transition for all parties involved.
[Last updated: October 2022]