With regard to the provisions of Section IIIа “Automatic exchange of financial information in the field of taxation” of the Tax Insurance Procedures Code /TIPC/ of the Republic of Bulgaria

23/06/2017

 

On the grounds of Art. 142u of the Tax Insurance Procedures Code /TIPC/, Central Cooperative Bank Plc, UIC 831447150, with a head-office and address of administration: Sofia, 87 Tsarigradsko shose blvd., GIIN (Global Intermediary Identification Number) DZXMV9.00000.LE.100, represented by the executive directors George Dimitrov Konstantinov, Georgi Kosev Kostov, Sava Marinov Stoynov and the Procurator Tihomir Angelov Atanasov, entered at the register of the administrators of personal data, maintained at the Commission for the protection of personal data of the Republic of Bulgaria under number 130, hereby informs its clients-individuals and individuals, who control clients-passive non-financial establishments /legal entities/, complying with the requirements, specified in section IIIа of TIPC /”Automatic exchange of financial information in the field of taxation”/about the performance of automated processing of their personal data with the aim of performance of the obligations of Central Cooperative Bank Plc, established by TIPC for exchange of financial information in the field of taxation. The source of the processed data is the documents /the information, provided to the Bank upon the occurrence of the legal relationships between the parties and during their existence.

 

According to the law, the personal data of each individual that falls within the category of the addressee of the present documents may and shall be disclosed by Central Cooperative Bank Plc to the executive director of the National Revenue Agency of the Republic of Bulgaria, and by the latter – to each jurisdiction, which participates in the sense of TIPC, to which the person is a local person for tax purposes. Each individual, for whom information is processed under Art. 142b, para. 1 of TIPC, is entitled to an access, deletion, correction or blocking the personal data concerning him/her, as well as to request from the executive director of the National Revenue Agency a notification to the participating jurisdictions, to which his/her personal data were disclosed, about each performed deletion, correction or blocking, with the exception of the cases, when this is not possible or is associated with excessive efforts. Central Cooperative Bank Plc provides to each individual a possibility to make the respective inquiry in the office of the Bank, at which his/her accounts are opened and maintained, respectively of the passive non-financial establishment, controlled by him/her.

 

Central Cooperative Bank Plc invites all its clients – individuals to use the possibility, in case they have not done it yet, to submit to the Bank as soon as possible declarations according to a sample, which according to the effective legislation shall contain:

а) name;

b) address according to place of residence;

c) date and place of birth;

d) any jurisdiction, in which the person is a local person for tax purposes;

e) tax number for any jurisdiction, in which the person is a local person for tax purposes;

f) any citizenship of the person;

g) obligation for notification upon a change in the circumstances;

h) responsibility for declaring untrue data;

i) confirmation for notification that the information under Art.142b(1) may be subject to automatic exchange of financial information;

j) date and signature of the person;

Central Cooperative Bank Plc invites all its clients – establishments, respectively, individuals, who control clients - passive non-financial establishments, to use the possibility, in case they have not done it yet, to submit to the Bank as soon as possible declarations according to a sample, which according to the effective legislation shall contain:

 

а) identification;

b) address;

c) tax number for any jurisdiction, in which the person is a local person for tax purposes;

d) any jurisdiction, in which the person is a local person for tax purposes;

e) determining whether the entity is not a certain American establishment;

f) determining whether the entity is a financial institution and its statute;

g) determining whether the entity is regularly traded at a trading venue for securities, or is an entity related to such entity;

h) determining whether the entity is a state entity, an international organization or a central bank;

i) determining whether the entity is active or passive non-financial establishment;

j) when the entity is a passive non-financial establishment, the name, address, date and place of birth and the tax number of each controlling person, as well as his/her functions;

k) obligation for notification upon a change in the circumstances;

l) responsibility for declaring untrue data;

m) confirmation for notification that the information under Art.142b(1) may be subject to automatic exchange of financial information;

n) data of the person, who signs the declaration on behalf of the entity;

o) date and signature.

According to Art. 142x, para. 1 and 2 of TIPC the Bank does not open a new account in the name of a person, who refuses to present a declaration and/or documentary evidence and this results in an impossibility for the financial institution, providing the information to perform its obligations for the performance of a complex check and presenting information according to this section, respectively, the Bank may close the account, if the account beneficiary refuses to present a declaration or documentary evidence and this results in an impossibility for the financial institution, presenting information to perform its obligations for the performance of a complex check and provision of information according to this code.

The terms, used in the present document shall be interpreted in compliance with TIPC, respectively, the Personal Data Protection Act.

 

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