In General
In 2010, FATCA legislation was enacted in the United States and is intended to reinforce tax compliance by U.S. persons holding foreign accounts. Under the relevant provisions, foreign financial Institutions must report certain information about financial accounts maintained for specified U.S. account holders and passive non-financial entities that have one or more controlling persons that are specified U.S. persons. be subject to withholding on withholdable payments.
Reportable accounts
An account is reported under FATCA if it is held by one or more Specified U.S. Persons, or by a Passive NFFE of which one or more of the Controlling Persons are Specified U.S. Persons. An undocumented account, i.e. for which documentation has been requested to determine whether it is a reportable account but has not been provided in due time, is also reportable.
The FATCA Legal Framework in Belgium
On 23 April 2014 the Belgian government has entered into an Intergovernmental agreement with the US government on the implementation of FATCA rules. This agreement was incorporated into Belgian law by virtue of the Law of 16 December 2015 regulating the communication of information regarding financial accounts by Belgian financial institutions and the Ministry of Finance, in connection with the international automatic exchange of information for tax purposes. In accordance with this legislation, foreign financial institutions:
- are required to report the accounts held by account holders who are specified U.S. Persons, undocumented or Passive NFFE’s of which one or more of the Controlling Persons are Specified U.S. Persons, to the U.S. Internal Revenue Service (IRS).
- may withhold and pay tax at a rate of 30% to the IRS for specific payments and transactions in the event that the customer is deemed non-cooperative.
FATCA Implementation
Financial institutions relevant obligations include:
• The collection of data and specific information about customers who are U.S. reportable persons.
• Transmission of this information to the competent Belgian tax authorities on an annual basis.
Required Information
The Belgian tax authorities exchanges with the U.S. tax authority specific data of reportable persons, such as:
- Full name / Company name
- Address
- Tax identification number (TIN)
- Account details and balance
Useful Information for FATCA
Considering that we cannot provide you with tax advice, for more information about FATCA you may consult:
- The US Internal Revenue Service (IRS: https://www.irs.gov/).
- The Belgian Federal Public Service Finance site:
- NL https://financien.belgium.be/nl/E-services/fatca
- FR FATCA | SPF Finances (belgium.be) - Your tax advisor.
Collection and Processing of Your Personal Data Within the Framework of FATCA
Your relevant information already at our disposal or collected by us through the self-certification is forwarded to the competent tax authorities for the fulfillment of the reporting obligation of Viva Payment Services in accordance with the applicable legal framework governing FATCA. For information on the processing of your personal data by Viva Payment Services in accordance with the EU Regulation 2016/679 (General Data Protection Regulation) you can refer to the Privacy Policy of Viva Payment Services.