In 2014, Latvia joined the Convention of the Organisation for Economic Co-operation and Development on Mutual Administrative Assistance in Tax Matters, which stipulates an obligation to observe the Common Reporting Standard (CRS) which, in turn, obliges financial institutions of the Republic of Latvia to provide information on account holders – taxpayers-residents of other countries to the State Revenue Service of the Republic of Latvia, which exchanges the information received with tax administrations of other countries.
New requirements stipulate for financial institutions of the Republic of Latvia to identify the tax residence country and taxpayer’s number of the customer/customer’s real beneficial owner and submit information determined by legal acts to the State Revenue Service on financial accounts of the customers subject to reporting once a year, starting from 2017.
To observe CRS requirements, AS “Reģionāla investīciju banka” ensures collection, processing and transfer of information to the State Revenue Service of the Republic of Latvia in line with requirements set forth in normative acts of the Republic of Latvia. For this purpose, the bank requests its customers to fill in and submit necessary forms, specifying information regarding their tax residence and taxpayer’s number as well as enclosing certifying documents.
The list of countries subject to OECD CRS can be found here:
http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/exchange-relationships/#d.en.345426
https://likumi.lv/ta/id/279206-kartiba-kada-finansu-iestade-izpilda-finansu-kontu-pienacigas-parbaudes-proceduras-un-sniedz-valsts-ienemumu-dienestam
More information can be found here:
http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/
http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/
The bank informs that the information provided is purely informative; we invite customers to study thoroughly the information on their tax residence and taxpayer’s number, and, should any questions arise, to apply to the tax administration of their country and/or tax consultants.