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

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG's new digital platform