Commercial Banking – Poland
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new reporting and information-gathering requirement for financial institutions. This is known as the Common Reporting Standard (“the CRS”) and we’d like to help you understand what it means for you.
It has been designed by the OECD (The Organisation for Economic Co-operation and Development) to underpin the automatic exchange of information (AEOI) on overseas tax-resident customers between tax authorities.
Under the CRS, we are required to determine where you may be paying tax (often referred to as where you are “tax resident”). We will base this on information we have already or we may ask you for additional details.
If you are tax resident/paying taxes outside the country where you bank then we will give our local tax authority this information, which may then be shared with the tax authority where you are tax resident.
The essential piece of legislation in this respect is the Act of 9 March 2017 on Exchange of Tax Information with Other Countries (CSR Act), published in the Journal of Laws of the Republic of Poland under item 648. Under the said Act, Polish financial institutions are required to implement, as of 1 May 2017, due diligence and reporting procedures to identify reportable accounts and report them to Chief of the National Tax and Customs Administration.
What do you need to do?
In order to confirm your status under the CRS, you may be asked to complete the appropriate self-certification form and send it to HSBC France (Spółka Akcyjna) Oddział w Polsce, 1 Rondo ONZ, 00-124 Warsaw, Poland; or return to your relationship manager. There are two types of relevant self-certification form for the CRS. The forms are attached below with additional information about which form you should complete.
- CRS Self-Certification for use by Entities (124KB, PDF): Download PDF: Link opens in a new window – If you are a business HSBC customer, please use this form to confirm your business status under CRS.
- CRS Self-Certification for use by Controlling Persons (118KB, PDF): Download PDF: Link opens in a new window – This form is used by the Controlling Persons of certain Entities (referred to under the CRS as Passive Entities) including certain trusts, foundations and certain managed Investment Entities that bank with HSBC and are located in countries that do not participate in the CRS. This form is to be completed by those individuals that control the Entity, either by ownership or control by other means of these types of Entity. A Controlling Person in certain circumstances will be referred to as the Senior Managing Official.
If you are unsure about any of these terms and if they apply to you, please refer to the Glossary.
If you have any further queries regarding the CRS and your tax position, please contact an independent advisor, as HSBC is unable to provide tax or legal advice. You may also find useful guidance on the OECD CRS portal: External site: Link opens in an overlay.
Page last updated September 2019