Dear Clients,
We would like to inform you that, in line with the requirements of the Tax and Social Insurance Procedure Code (SIPC), ProCredit Bank (Bulgaria) EAD collects and provides financial information to the tax authorities for the purpose of the automatic exchange in the field of taxation. The bank is required to submit information under the following agreements, which are set out in Section III of the SIPC:
1. The international Standard for Automatic Exchange of Financial Account Information in Tax Matters of the Organisation for Economic Co-operation and Development (OECD): CRS (Common Reporting Standard);
2. The agreement between the governments of the Republic of Bulgaria and USA: FATCA (Foreign Account Tax Compliance Act).
In this regard, we would like to inform you that the information as per Art. 142b of the SIPC containing personal data of a client, including account balance and received income in the account, can be subject to exchange of financial information under the law and, pursuant to it, the information can be submitted to the jurisdiction(s) to which the client concerned is a resident for tax purposes.
In its capacity as a financial institution which provides information, ProCredit Bank (Bulgaria) EAD implements the procedures for comprehensive review of the current and new financial accounts of its clients. This entails collecting additional information, if lacking, about account holders, including ultimate owners of various legal entities. In this regard, we may contact you with a request for submission of additional information and documents in order to establish your tax status according to the requirements of the SIPC.
In view of the above, we call upon your thorough and complete submission of information about yourself or the legal entities you represent, which will facilitate the process of comprehensive review of existing and new financial accounts. We would like to remind you that failure to provide the required information may prevent you from opening an account or closing an existing one.
Best regards,
ProCredit Bank (Bulgaria) EAD