- On May 31, 2023, the Tax Authority reminded financial institutions of the reporting deadline under Law No. 4/2020 “On the Automatic Exchange of Information on Financial Accounts” (the CRS standard).
- The reporting obligation is annual and ongoing, not limited to that date.
- This obligation applies to financial institutions (banks, etc.), not to ordinary businesses as reported clients.
On May 27, 2023, the General Directorate of Taxes reminded Albanian financial institutions, including banks, that the deadline for reporting to the Tax Administration under law no. 4 of January 31, 2020 “On the Automatic Exchange of Information on Financial Accounts,” was May 31, 2023. This law implements the international CRS (Common Reporting Standard), created by the G20 countries and the OECD to combat offshore tax evasion, under which financial institutions report annually to tax authorities information on accounts held by residents of other countries.
Read also: Automatic Exchange of Financial Information: What Your Business Needs to Know, for the current impact on businesses and individuals, not just on financial institutions.
Source: General Directorate of Taxes.
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