|WOOD&Co. Prague||3AFX5L.00001.ME.203||Reporting Model 1 FFI|
|WOOD&Co. London||3AFX5L.00001.ME.203||Reporting Model 1 FFI|
|WOOD&Co. Warsaw||3AFX5L.00001.ME.203||Reporting Model 1 FFI|
|WOOD&Co. Milan||3AFX5L.00001.ME.203||Reporting Model 1 FFI|
|WOOD&Co. Bucharest||3AFX5L.00001.ME.203||Reporting Model 1 FFI|
Under the FATCA agreement, it is WOOD & Company's obligation to conduct due diligence for new and existing accounts to classify account holders or investors as either US or non-US.
When individuals or firms fail to provide the appropriate documentation they will be subjected to withholding 30% in US taxes. To download the W9 and W-8BEN forms, please go to the IRS website: http://www.irs.gov/pub/irs-pdf/fw9.pdf and http://www.irs.gov/pub/irs-pdf/fw8ben.pdf.
More information can also be found on the following links:
CRS (Common Reporting Standard) Information
- In a response to development in the EU as regards automatic exchange of information in the field of taxation, where the EU and OECD prepared a common standard on reporting and due diligence for financial account information, so-called Common Reporting Standard (CRS), Directive No. 2014/107/EU has been implemented into Czech legislation under Act No. 164/2013 on international cooperation in tax administration.
- WOOD's reporting obligation concerns its clients (both natural and legal persons) who are tax residents of countries participating in the automatic exchange of information. WOOD is obliged to report selected information about these clients once a year (as of 30 June) for the previous calendar year.
- Client identification including all of the client's tax identification numbers (TINs), aggregated balance of their financial accounts (in particular, deposit accounts, investment products and capital-value insurance contracts) and the structure of the disbursed income (that is, interest, dividends and income from the sale of securities) will be reported.
- What does it mean for clients?
- WOOD identifies clients' tax obligations by using the client's Tax Domicile Statement. It is sufficient to complete the declaration only once and it is valid until the change of facts that may affect the client's tax obligations.