FATCA

FATCA (The Foreign Account Tax Compliance Act) is a U.S. legislation that was enacted in March 18, 2010 and that has entered into force on July 1, 2014.


The purpose of FATCA is to combat tax evasion by improving compliance of U.S. taxpayers who hold financial assets outside U.S.A. via introduction of a reporting regime for financial institutions with respect to certain accounts.

FATCA requires from non-U.S. financial institutions to identify U.S. financial account holders and entities with U.S. controlling person and to report information about the financial assets in their financial accounts.

If non-U.S. financial institution will not participate in FATCA system it will be subject to 30 % withholding on withholdable payments irrespective if beneficial recipient of such payment is the financial institution itself or its clients.

In order to remove domestic legal impediments to compliance, the U.S. Treasury Department has collaborated with foreign governments to develop Intergovernmental Agreements (IGA) for FATCA implementation in several forms.

The Agreement between Government of the Republic of Kosovo and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA (Agreement) was signed on February 26, 2015. The
Agreement follows IGA Model 1 with reciprocity in exchange of information between the countries.
NLB Banka Sh.a. has registered itself as a Member of NLB FATCA EAG GROUP with the U.S. Internal Revenue Service (IRS) FATCA Register as a “Registered Deemed Compliant FFI- Model 1 Reporting FI”.

The GIIN (Global Intermediary Identification Number) assigned to NLB is: DQANI4.00007.ME.901.

If you have any other queries related to FATCA project, please contact our FATCA Group team:

FATCA@nlb-kos.com.

Form W-8BEN-E

June 3, 2015