Republic of Latvia Cabinet Regulation No. 20 Adopted 5 January 2016 Procedures by which a Financial Institution Implements the Due Diligence Procedures for Financial Accounts and Provides Financial Accounts Information to the State Revenue Service Issued pursuant to Section 64, Section 97, Paragraph one, Section 99, Paragraph one, Section 100, Paragraph five of the Law On Taxes and Duties 1. General Provisions 1. This Regulation prescribes: 1.1. the date of determining the list of participating countries and territories (hereinafter the participating country) and the category of accounts (Annex); — 1.2. the procedures by the financial institutions referred to in Section 71, Paragraph one of the Law On Taxes and Duties (hereinafter the Law) (hereinafter the — — financial institutions), shall implement the due diligence procedures for financial accounts to identify reportable accounts; 1.3. the procedures by which financial institutions shall provide information to the State Revenue Service for forwarding to the competent authority of the participating country in accordance with Section 100 of the Law. 2. The State Revenue Service is the competent authority for ensuring the exchange of information within the scope of this Regulation. 3. The Revenue Service shall ensure the protection of data to be received and forwarded to the competent authorities of the participating country in accordance with the laws and regulations laying down the protection of information in relation to personal data processing and circulation of such data. 4. According to the procedures laid down in this Regulation and provisions of the agreement entered into by the Republic of Latvia or the European Union with the relevant country the State Revenue Service shall automatically (without prior request) provide to the competent authorities of the participating country the financial accounts information which is indicated in Section 100, Paragraph one of the Law and which has been received from the financial institution in accordance with Section 100 of the Law. 5. If the financial institution (except a is a resident for tax purposes (hereinafter the — tax resident) in two or more participating countries, the financial institution shall apply the provisions regarding reporting or due diligence of such participating country in which the financial institution maintains a financial account or accounts. If the trust is a financial institution (regardless of whether it is a tax resident in the participating country), the trust shall be regarded as subjected to the legal framework of the relevant participating country in
Republic of Latvia Cabinet Regulation No. 20 Adopted 5 January 2016 Procedures by which a Financial Institution Implements the Due Diligence Procedures for Financial Accounts and Provides Financial Accounts Information to the State Revenue Service Issued pursuant to Section 64, Section 97, Paragraph one, Section 99, Paragraph one, Section 100, Paragraph five of the Law On Taxes and Duties 1. General Provisions 1. This Regulation prescribes: 1.1. the date of determining the list of participating countries and territories (hereinafter — the participating country) and the category of accounts (Annex); 1.2. the procedures by the financial institutions referred to in Section 71, Paragraph one of the Law On Taxes and Duties (hereinafter — the Law) (hereinafter — the financial institutions), shall implement the due diligence procedures for financial accounts to identify reportable accounts; 1.3. the procedures by which financial institutions shall provide information to the State Revenue Service for forwarding to the competent authority of the participating country in accordance with Section 100 of the Law. 2. The State Revenue Service is the competent authority for ensuring the exchange of information within the scope of this Regulation. 3. The Revenue Service shall ensure the protection of data to be received and forwarded to the competent authorities of the participating country in accordance with the laws and regulations laying down the protection of information in relation to personal data processing and circulation of such data. 4. According to the procedures laid down in this Regulation and provisions of the agreement entered into by the Republic of Latvia or the European Union with the relevant country the State Revenue Service shall automatically (without prior request) provide to the competent authorities of the participating country the financial accounts information which is indicated in Section 100, Paragraph one of the Law and which has been received from the financial institution in accordance with Section 100 of the Law. 5. If the financial institution (except a is a resident for tax purposes (hereinafter — the tax resident) in two or more participating countries, the financial institution shall apply the provisions regarding reporting or due diligence of such participating country in which the financial institution maintains a financial account or accounts. If the trust is a financial institution (regardless of whether it is a tax resident in the participating country), the trust shall be regarded as subjected to the legal framework of the relevant participating country in
Cab.%20Reg.%20No.%2020%20-%20Due%20Diligence%20Procedures.docx