Not long ago, the United States of America adopted a piece of legislation to discourage tax evasion by US tax-payers abroad – the Foreign Account Tax Compliance Act (FATCA). This Act is binding on all foreign financial institutions and comes into force on 1 July 2014.
In April 2014, Bulgaria and the US reached an intergovernmental agreement in substance regarding FATCA application, which defined the foreign financial institutions , which will be obliged to register as FATCA compliant institutions. With respect to non-compliant institutions, the US tax authority (IRS) reserves the right to impose a 30% tax on income from US-based business or investments. FATCA applies to all life insurance companies offering products with a savings and/or investment component. According to an official statement by the Bulgarian Revenue Agency, FATCA shall not apply to pension companies and pension funds.
Vis-à-vis FATCA requirements, as of 1 July 2014, ING Insurance Company Ltd. – Sofia Branch will require from its clients to provide information regarding connection and tax obligation to the United States. Such identification is needed only for the products ING Endowment and ING 1 – Unit-linked.
ING Insurance Company Ltd. – Sofia Branch is already registered with the United States Tax Authority (IRS) under the following identification number: GS0L53.00066.ME.100 (GIIN).
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