Poland and the US to exchange information on tax residents

The Council of Ministers has accepted a bill which can lead to the ratification of  Foreign Account Tax Compliance Act (FACTA). The agreement between Polish and the US tax administration will allow for exchange of the information about the accounts and incomes of tax residents. The agreement will come into force after it is accepted by the parliament and signed by the president. The FACTA is a United States federal law that requires US citizens, including individuals who live outside the United States, to report their financial accounts held outside of the country, and requires foreign financial institutions to report to the tax administration about their US clients.