On the grounds of the law on the exchange of tax information with other countries („CRS”), the CBC may be under the obligation to collect from its clients specific statements regarding the tax residence and the tax identification number, that it may submit to the National Agency for Fiscal Administration , so that it may transmit to the competent authorities of the participating country the data collected about the entities that live in the participating country, in accordance with the tax laws of the participating country.
If the circumstances that may have an influence on the clients’ tax residence should change, then immediate notification of the CBC is required.
Participating Country means:
a) other than Romania, EU member,
b) other than the USA or the territory with which Romania has entered into the agreement that allows the automated exchange of information regarding the accounts,
c) other than the USA or the territory with which the EU has entered into agreements that allow the automated exchange of information regarding the accounts.
The list of the Participating Countries, mentioned in point b and c, is published by the Ministry of Finance in the form of a notification by October 15th.