LAW OF THE REPUBLIC OF MOLDOVA

of December 29, 2015 No. 241

About realization of provisions of the Law on tax compliance of foreign accounts (FATCA) and modification and amendments in some legal acts

The parliament adopts this organic law.

Art. I. – From the date of entry into force of provisions of the Agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America the accountable financial institutions of the Republic of Moldova (which are referred to as so in the specified agreement) will apply provisions of this agreement to assistance of realization of provisions of the Law on tax compliance of foreign accounts (FATCA) in accordance with the established procedure.

Art. II. – In the context of implementation of the Agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America for assistance of realization of provisions of the Law on tax compliance of foreign accounts (FATCA) in the conditions and/or cases established by this agreement, the accountable financial institutions of the Republic of Moldova (which are referred to as so in the specified agreement) perform deduction at source of the tax established by the provisions FATCA.

Art. III. – For the purpose of implementation of the Agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America for assistance of realization of provisions of the Law on tax compliance of foreign accounts (FATCA) if the clients falling under operation of the Agreement do not agree to provision of the relevant information and to transfer of the personal data, and also do not represent the W9 or W8 form or any other provided form (as necessary), then the accountable financial institutions of the Republic of Moldova (which are referred to as so in the specified agreement) cannot open accounts and respectively close open accounts, except as specified, when the money which is on accounts of the existing clients it is seized and/or when clients have contractual commitments before accountable financial institutions of the Republic of Moldova in type of loan and/or bank guarantees. In the specified cases, by way of exception for closing of accounts, transactions are performed only for execution seized or the specified contractual commitments before accountable financial institutions of the Republic of Moldova.

Art. IV. – For the purpose of realization of provisions of the subitem 4 of Item C of the Section VI of appendix I to the Agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America as published the spot rate (published spot rate) will be applied the official rate of Moldovan leu in relation to foreign currency to assistance of realization of provisions of the Law on tax compliance of foreign accounts (FATCA).

Art. V. – In article 22 of the Law on financial institutions No. 550-XIII of July 21, 1995 (repeated publication: The official monitor of the Republic of Moldova, 2011, Art. No. 78-81, 199), with subsequent changes to make the following additions:

part (to add 6) with the offer: "The request about provision of information provided specified in Item e) to part (5) organization, may contain not identification these persons (persons) to which, (which) the requested information, in cases and/or within the Agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America for assistance of realization of provisions of the Law on tax compliance of foreign accounts (FATCA) belongs.";

part (to add 7) with Item i) the following content:

"i) provision of information according to provisions and within the Agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America for assistance of realization of provisions of the Law on tax compliance of foreign accounts (FATCA).".

Ст.VI. – In article 226 of the Tax Code No. 1163-XIII of April 24, 1997 (repeated publication: The official monitor of the Republic of Moldova, special release of February 8, 2007), with subsequent changes to make the following change and addition:

in part (1) words "determinations of the tax liability." shall be replaced with words "tax administration, and also for implementation of international treaties which party is the Republic of Moldova.";

add Article with part (8) the following content:

"(8) in the context of implementation and execution of international treaties which party is the Republic of Moldova the tax authority can request from all persons falling under action of provisions of agreements by means of the special agenda corresponding to provisions of certain agreement, submission of information provided in it.".

Art. VII. – Part (3) Article 31 of the Insurance law No. 407-XVI of December 21, 2006 (2007, Art. No. 47-49, 213), with subsequent changes, to add the official monitor of the Republic of Moldova with Items k) and l) the following content:

"k) observe the requirements of the reporting provided by international treaties which party is the Republic of Moldova;

l) perform processing of personal data according to provisions of the Marine life protection act of personal data.".

Art. VIII. – Article 33 of the Law on the capital market No. 171 of July 11, 2012 (2012, Art. No. 193-197, 665), with subsequent changes, to add the official monitor of the Republic of Moldova with parts (6) and (7) the following content:

"(6) Investment societies has the right to provide services and to perform investing activities with clients who fall under action of the Agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America for assistance of realization of provisions of the Law on tax compliance of foreign accounts (FATCA) only if they are registered in the Internal Revenue Service system of the United States of America, got intermediate global identification number according to provisions of the Agreement on cooperation between the Government of the Republic of Moldova and the Government of the United States of America for assistance of realization of provisions of the Law on tax compliance of foreign accounts (FATCA) and observe the requirements established in the Agreement of FATCA.

(7) Activities of investment societies for processing of personal data are performed according to provisions of the Marine life protection act of personal data No. 133 of July 8, 2011.".

Art. IX. – In departure from part (1-1) articles 7 of the Tax Code No. 1163-XIII of April 24, 1997, this law becomes effective from the date of publication.

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