The European Commission calls on Poland to implement the Euro-FATCA Directive
Taxes in Finance: FATCA, Euro-FATCA, CRS 6/2016
On 29 September 2016, the European Commission issued an announcement informing that Poland had been called on to implement fully Council Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation.
Under the aforesaid Directive, Poland is obliged to implement the Euro-FATCA requirements, i.e. to impose obligations concerning the collection and transfer of information regarding specific foreign resident customers on Polish financial institutions.
Poland was obliged to implement the Directive by 31 December 2015. Recently, information concerning the launch of a public consultation process with respect to the bill of 19 May 2016 implementing the Directive has been published on the website of the Government Legislation Center.
The European Commission has warned that it may bring a case against Poland to the European Court of Justice in the event that a satisfactory response is not received within two months.
Basically, the Euro-FATCA requirements for financial institutions in respect of identification and verification of financial accounts follow directly from the Directive and Polish financial institutions may now draft the key compliance procedures. Proper preparation of financial institution is particularly important today due to the complexity of Euro-FATCA requirements and the expected very short vacatio legis period for the Polish regulations.