CNB Tax Documentation Requirements

UniCredit Bank Czech Republic and Slovakia,a.s.
Summary: 
The Czech National Bank confirmed its requirements towards the form of Certificates of Tax Residence presented to it when acting as paying agent for Czech Government Bonds.
Tue, 28/03/2017

 

The Czech National Bank, the first paying agent in the Czech market to do so, confirmed that electronic Certificates of Tax Residence issued by the tax authorities of foreign countries will only be accepted when provided in a form corresponding to the requirements of the local legislation.

Section 12 of Act No. 91/2012 Coll. on Private International Law stipulates that a document issued by a court, a public notary or an authority of a foreign country or by diplomatic or consular agents shall have evidential authority of an official document also in the Czech Republic provided that it has been properly certified (apostille). If such proper certification is not possible, an Embassy of the Czech Republic shall legalise such document provided that it has no doubts about its authenticity (superlegalisation).

This topic was also raised in a meeting of the Czech Capital Market Association, where the market participants called for the establishment of a unified market practice which would be confirmed by the local General Tax Directorate and the Czech National Bank in its role of the market's regulator.

 

Impact on investors: Electronic Certificates of Tax Residence will not be accepted by the Czech National Bank if not properly legalised to fulfil the requirements for being an official document in the Czech Republic.