General information about FATCA, CRS and DAC2
Based on international commitments, Finland is involved in the automatic exchange of information to other countries, and receives such information in return. Exchange of information enhances tax control and combats tax evasion.
Finland has made the following agreements on the exchange of information:
- The Foreign Account Tax Compliance Act (FATCA) – between the United States and Finland
- CRS – the reporting standard for OECD countries
- DAC2 – the European Union directive.
Obligations of financial institutions' clients
Clients of financial institutions must provide information on themselves to financial institutions, so that their country of tax residence can be determined. The Finnish Tax Administration in turn provides this information to countries with which it has an agreement or other commitment.
Conversely, Finland receives such information from other countries on Finnish residents' assets abroad.
Obligations of financial institutions
Finnish financial institutions, such as credit institutions, investment firms and fund management companies
- must identify the client's country of tax residence
- give annual information returns to the Finnish Tax Administration on their clients' assets and income.
Please see FATCA obligations in brief (pdf)