Submission of information to foreign tax authorities

On providing information to tax authorities of foreign states by JSC Belagroprombank

As part of the fulfillment of the requirements of the Agreement between the Government of the Republic of Belarus and the Government of the United States of America on improving compliance with international tax rules and implementation of the United States of America Law on Tax Control of Accounts in Foreign Financial Institutions (hereinafter - FATCA), JSC Belagroprombank (hereinafter referred to as the Bank):

• clarifies the information when an individual or legal entity applies for opening an account (conclusion of an agreement), whether he is a US taxpayer;
• identifies direct and indirect account holders to determine if they are US taxpayers;
• annually submits to the Department of Taxes and Duties for subsequent submission to the US Internal Revenue Service information about US taxpayers who have opened accounts with the Bank, the total amount of income, balances and turnovers of funds on accounts.

In the event that signs are established that indicate belonging to US taxpayers, customers who have accounts with the Bank, as well as legal entities and individuals who have applied to the Bank to open an account (conclude an agreement), are obliged to:

• fill out a questionnaire on the appropriate form to determine his status as a US taxpayer and the need to apply the FATCA requirements to him;
• provide written consent while completing Form W-9 for the relevant information to be submitted to the US Internal Revenue Service.

• W-9 - if there are direct signs (US citizenship or residency);
• W-8-BEN - if there are indirect signs (place of birth in the United States, postal or residence address in the United States, telephone number in the United States, standing orders to transfer funds from a Bank account to an account opened in the United States, a valid power of attorney or signatory power granted by the account holder to a person with a US address);

• W-9 - U.S. registered or registered office;
• W-8-BEN-E - if there are persons among the founders, beneficial owners, whose share in the authorized capital of the organization belongs to one or more American participants (a citizen / resident of the USA, or an American organization) and is more than 10 percent.

Additionally, the founders / beneficiaries fill out:

• Form W-9 - if they have direct signs of belonging to the United States;
• Form W-8-BEN - if they have indirect signs of belonging to the United States.

All individuals who complete the Form W-9 agree in writing to submit the required information to IRS (recorded directly on the form).

In accordance with subparagraph 1.4 of the Decree of the President of the Republic of Belarus No. 422 dated October 15, 2015 "On providing information to tax authorities of foreign states", the Bank refuses to open an account for an organization or an individual, and also unilaterally refuses to execute the concluded agreement * with a client in the following cases:

• refusal to fill out the established forms,
• failure to provide the requested documents and information necessary to fulfill the obligations under the Agreement,
• refusal to give consent to submit information to IRS.

* For persons about whom the Bank has documented reasons to believe that they are US taxpayers.