TIRANA, October 12/ATA/-The General Directorate of Taxes reminds individuals and taxpayers who own a financial account to cooperate with relevant financial institutions to complete the self-declaration form.
To combat the problem of offshore tax evasion and avoid the accumulation of money abroad, the tax authorities, in cooperation with the G20 and OECD countries, established a common reporting standard (CRS) on automatic information exchange (AEOI).
This requires the financial institutions of a reporting jurisdiction to collect and report information to their tax authorities regarding account holders who are residents of other countries. Such information should be transmitted “automatically” every year.
Albania is committed to exchanging information automatically by 2020.
Failure to provide the above information by any accountable account holder or other responsible person is considered an administrative offense and is punishable.
Actions or omissions committed by reporting financial institutions or other responsible persons, which are contrary to the provisions of this law, are considered administrative offenses and are punishable by a fine./a.gjonaj // a.a /p.s./
