The General Directorate of Taxes wishes to bring to the attention of all Albanian financial institutions that the deadline for reporting to the Tax Administration under the Law No. 4, dated January 31, 2020, “On the Automatic Exchange of Information on Financial Accounts”, It is May 31, 2023.
Starting from March 11, 2020, when this Law came into force, all Financial Institutions in Albania, including banks, are required to implement the procedures and measures to fulfill the obligations of this Law (reporting to the DPT for accounts considered reportable, according to the standard CRS – Common Reporting Standard)
To combat the problem of offshore tax evasion and the accumulation of funds abroad, tax authorities, in cooperation with G20 countries and the OECD, created a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI). The CRS for AEOI requires financial institutions in a reporting jurisdiction to collect and report information to their tax authorities about account holders who are residents of other countries. Such information must be transmitted “automatically” each year.
The information to be exchanged includes the balances of financial accounts at the end of the reported year, capital gains (including interest, dividends, rights and proceeds from the sale of financial assets), reported to governments by financial institutions, covering accounts held by individuals and entities including trusts and foundations.
The General Directorate of Taxation collects data from financial institutions and automatically exchanges it with the other countries that are signatories to the agreement.
Source: General Directorate of Taxes.
