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Notice of Tax Requirements: FATCA and CRS

In light of recent global efforts to combat tax evasion and promote transparency in financial transactions, SB Draudimas is obliged to inform its customers about the Foreign Account Tax Compliance Act (FATCA) and the OECD Common Reporting Standard (CRS).

What are FATCA and CRS?

FATCA requires financial institutions like SB Draudimas to report information about financial accounts held by U.S. taxpayers to the Internal Revenue Service (IRS). The purpose is to prevent tax evasion and ensure compliance with U.S. tax laws.

The OECD Common Reporting Standard (CRS) is a global standard for automatic exchange of financial information between countries, aimed at promoting transparency and combating tax evasion.

How does this affect you?

As a customer of SB Draudimas, you may be required to provide information about your tax status and reporting obligations. If you are a U.S. taxpayer or have a connection to the United States (e.g., U.S. citizenship, residency, or ownership of assets), you will need to provide additional documentation and information.

What kind of documents do I need to present?

If necessary, SB Draudimas will contact its customers for more information and explain the required forms and documentation. The forms may include W-Forms from the IRS or other relevant tax authorities.

What if I fail to send the requested information?

According to FATCA, customers who fail to provide the required information will be deemed U.S. taxpayers in reports. In such a case, SB Draudimas will report the necessary information to the Estonian Tax and Customs Board.

How does this affect companies and institutions?

FATCA affects U.S. companies and companies in other countries with actual beneficiaries (holders/user of controlling interest) being U.S. persons.

What should I do if I have questions or concerns?

If you have any questions or concerns about your tax status, reporting obligations, or FATCA/CRS requirements, please contact SB Draudimas’ customer service department for guidance and support.

By taking steps to comply with these regulations, SB Draudimas is committed to ensuring transparency in financial transactions and promoting compliance with global tax laws.