Abstract

In view of the conclusion of the Agreement between Poland and the US to Improve International Tax Compliance and to Implement FATCA, and considering the fact that the Polish Parliament has passed the Act on implementation of that Agreement, certain Polish financial institutions will soon be faced with a question of how to classify a partnership for FATCA purposes. The article below presents arguments in favour of recognizing a partnership as an entity or identifying its partners as holders of financial accounts within the meaning of FATCA. To some extent, the issues discussed here also fit into the dispute whether a partnership has any legal capacity in line with the Polish law. Considering the definition of an entity as provided in FATCA and references to Anglo-Saxon legal constructs made there (legal arrangements such as trusts), the dispute which seems to have been resolved may erupt again.