Guidance for FATCA, CRS exchange of information | KPMG | US
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Romania: Guidance for FATCA, CRS exchange of financial information

Romania: Guidance for FATCA, CRS

Romania’s Ministry of Public Finance issued an order that includes guidance notes for the automatic exchange of financial information. Order no. 1939/2016 was published in the official journal no. 648 (24 August 2016). The order contains provisions for the consistent application of:


Related content

  • Law no. 233/2015 ratifying the intergovernmental agreement (IGA) between Romania and the United States for compliance and implementing the FATCA regime
  • Law no. 70/2016 ratifying the multilateral agreement of the relevant authorities for the automatic exchange of information related to financial accounts under the common reporting standard (CRS) agreement 
  • Provisions of Chapter I of Title X of Law no. 207/2015

Under conventions related to the automatic exchange of information concluded between Romania and other countries, financial institutions must report to the Romanian tax authorities, annually, financial information relating to accounts opened and/or closed by taxpayers who are residents of the other participating jurisdictions.


Read an August 2016 report [PDF 139 KB] prepared by the KPMG member firm in Romania

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