Notification obligation for foreign bank accounts 10/01/2018 Notification obligation for foreign bank accounts 10/01/2018
Notification obligation for foreign bank accounts
As a new obligation aiming at the whitening of the economy is introduced from 1 January 2018, i.e. the notification of the current account number(s) of bank account(s) held at a foreign financial institution.
The notification obligation applies to all economic entities subject to court registration in Hungary, who – on this basis – are obliged to notify all their valid current bank accounts held at a foreign financial institution to NAV.
The notification shall be fulfilled by filling in Section 19 of Sheet „A” of Form 18T201T, providing the data, such as, the account number, the name of the bank institution where the account is held and the date of opening of the account.
The notification shall be executed within 15 days of the date of the registration, or in case of opening of a new account, also within 15 days. The foreign bank accounts being valid already at 1 January 2018 shall be declared till 31 January, in accordance with the related transitional provision of the new Act on the Rules of Taxation.
The notification obligation to be fulfilled within 15 days applies to the changes in the bank account numbers and to the cancellation of the bank accounts, as well! The text field 25 of Sheet „B” serves for making the declaration on the changes.
Non-compliance or late compliance with the notification obligation may invoke imposing of a default penalty, we suggest, therefore, to ensure the fulfilment of this obligation in due time.