The National Bank is entrusted by law with the task of maintaining a Central Point of Contact (CPC) to which the registrants must communicate a list of their clients, the identification of the bank accounts owned or co-owned by their clients, and the types of contracts these clients have concluded with the registrants.
The tax authorities may contact the CPC to obtain information recorded there on persons/entities subject to taxation where there are indications of tax fraud, or where taxes need to be recovered.
The National Bank has been entrusted by the Law of 14 April 2011 with the following tasks:
- to set up the CPC and to maintain and update the database with data submitted by registrants;
- to consult the database upon request from the tax authorities and subsequently communicate the results to the tax authorities;
- to reply to requests from natural or legal persons wishing to consult the database with respect to their own data.
The registrants' obligation to submit data to the CPC was created as a counterbalance to keeping banking secrecy.
The CPC is intended to enable the tax authorities to contact only those financial institutions which have had banking or contractual ties with persons subject to taxation which are the subject of an investigation, thus avoiding that all registrants must be enquired in this respect.
Given the high degree of confidentiality of the data submitted to the CPC, the legislator decided that it should be organised and operated by the National Bank, an organisation that is independent of any public authority and neutral with regard to tax assessment.