The Foreign Account Tax Compliance Act (FATCA) is a new US law aimed at foreign financial institutions (FFIs) and other financial intermediaries to prevent tax evasion by US citizens and residents through the use of offshore accounts.
The Czech Republic and the United States of America signed an agreement on 4th August 2014 to improve international tax compliance and to implement FATCA. Under the condition that the FATCA agreement is passed by the House of Commons and the parliament and is ratified by the president, Czech institutions will be subject to the agreement and subsequent legislative changes as of 1 January 2015.
WOOD & Company Financial Services a.s. has recognised the importance of FATCA and is now registered with the IRS. To view our details, you may visit the FATCA Foreign Financial Institutions (FFI) List Search and Download Tool on the IRS website.
For your convenience, you can also view our details in the table below:
|WOOD&Co. Prague||3AFX5L.00001.ME.203||Reporting Model 1 FFI|
|WOOD&Co. London||3AFX5L.00001.BR.826||Reporting Model 1 FFI|
|WOOD&Co. Warsaw||3AFX5L.00001.BR.616||Reporting Model 1 FFI|
|WOOD&Co. Milan||3AFX5L.00001.BR.380||Reporting Model 1 FFI|
|WOOD&Co. Bratislava||3AFX5L.00001.BR.703||Reporting Model 1 FFI|
|WOOD&Co. Bucharest||3AFX5L.00001.BR.642||Reporting Model 1 FFI|
Under the FATCA agreement, it will be 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.
You may direct your questions regarding FATCA to WOOD & Company's Compliance Department at firstname.lastname@example.org.