CRS / Emergency Government Ordinances 113/2009 and 50/2010
Common Standard Reporting (CRS)
We would like to inform you on the implementation within the European Union of the Common Reporting Standard (CRS), through Directive No. 2014/107/EU on the mandatory automatic exchange of information in the field of taxation. The purpose thereof is to ensure a better cooperation for tax collection and to combat cross-border tax fraud and tax evasion.
In view of the provisions laid down in the new Fiscal Procedure Code, applicable as of January 1, 2016, Banca Transilvania (BT) enforces the reporting and tax diligence standards which are an integral part of thereof. The provisions are meant to improve international tax compliance in the case of taxpayers resident in the countries with which Romania has a partnership in this respect. Consequently, together with the other banks in Romania, BT must provide the National Agency of Fiscal Administration (ANAF) with a report containing information on the client accounts opened with Banca Transilvania, if such clients fall under the context stipulated in the Order of the Minister of Public Finances No. 1939/2016. For detailed information on the Common Reporting Standard, please visit BT’s webpage (www.bancatransilvania.ro), section “CRS/ OUG113/2009 & OUG50/2010”.
If you are subject to the established reporting criteria, we recommend to update your data in our database by filling in the Declaration of Tax Residency:
- Declaration of Tax Residency – individuals
- Declaration of Tax Residency – companies
Submission of the Declaration of Tax Residency:
- individual customers must submit the declaration to Banca Transilvania by April 15, current year either
- companies must submit the declaration to Banca Transilvania by March 31, current year either
in hard copy, at any BT unit
OR, if this is not possible, electronically - signed and scanned - at the e-mail address firstname.lastname@example.org; from the e-mail address communicated to the bank in the account opening documentation
We remind you that Banca Transilvania processes personal information in compliance with Law No. 677/2001.
Emergency Government Ordinances 113/2009 and 50/2010
We also inform you that the Emergency Government Ordinance no. 113/2009, on payment services is in force as of November 1, 2009, being a legal act that is meant to support clients and that transposes the provisions of European Directive no. 2007/CE into the Romanian law. The objectives of such regulations are:
- consumer protection;
- information transparency;
- creation of a unique legal framework for the European Economic Area (EEA).
The new legal provisions apply to all payment operations performed in the currency of the member states belonging to EU/EEA, if both the payer’s bank and the beneficiary’s bank are located in a Member State.
The payment services provided by Banca Transilvania have been aligned with these requirements, leading to the amendment of the existing contractual documentation. Thus, the following has been supplemented and amended:
- “General Terms and Conditions”,
- BT 24 Internet Banking supply agreement / E-banking service suppky agreement (BT Ultra),
- Intra-bank Direct Debit payment agreement, Inter-bank Direct Debit payment agreement,
- Agreement for Regular Money Transfers from a client’s account
- Debit Card Issue Application Form and the General Terms and Conditions for the Use of Debit Cards for Individuals for isa Electron, Mastercard Gold, Visa Electron Euro<26, Mastercard Mondo and Mastercard Direct,
- Application for Overdraft granted to the debit card holders and the Loan Agreement(for the overdraft granted to debit card holders),
- Card account opening application form / Credit card issue application form, Specific terms and conditions for the use of credit cards for individuals and the Credit card agreementfor Mastercard Forte, Mastercard Forte Divizia pentru Medici, Visa Gold, Visa Gold Rotary, Visa Platinum, Visa Centrofarm BT,
- Card account opening application form / Card issue application form, General conditions for the use of business cards for legal entitiesfor Visa Business Electron (debit; LEI, USD) & Visa Business Silver / Visa Business Gold (debit/ credit)
Likewise, we hereby inform you that the Emergency Government Ordinance no. 50/09.06.2010, on consumer loan agreements is in force as of 21.06.2010, being a legal act that transposes the provisions of European Directive no. 2008/48/CE into the Romanian law.
You can view an updated form of the previously mentioned documents using the links below or visiting any Banca Transilvania unit. Please be informed that a copy of the previously mentioned agreements will be provided to you, free-of-charge, in any Banca Transilvania location.
For additional information, please do not hesitate to visit any Banca Transilvania unit or contact us at the e-mail address email@example.com.