Baku, Azerbaijan, June 4
By Azad Hasanli - Trend:
The first non-banking credit organization (NBCO) of Azerbaijan has joined the US's Internal Revenue System (IRS), by which the tax authorities of Azerbaijan will provide information on the accounts of citizens of the United States, the IRS told Trend.
Vision Fund AzerCredit NBCO has been registered in the system.
The NBCO provides its services in Azerbaijan since 1996. Currently, there are 46 offices of the organization in the country. NBCO client base consists of 80,000 people, and the number of employees exceeds 700 people. The volume of the loan portfolio amounts to $83 million.
Azerbaijan and the IRS agreed on conclusion of the intergovernmental agreement for the implementation of the country's banks FATCA - the law on taxation of foreign accounts of US residents. Starting from July 2014, banks in all countries should connect to the IRS system and inform them about these accounts. Otherwise, their relationship will be sanctioned: tax from the payments in favor of the bank's any passive income from US assets in the amount of 30 percent of their volume. As of 2017, it will provide the same collection of revenue from the sale of securities and even transit payments.
The number of Azerbaijani banks registered in the system today reached 44 out of 45 operating in the country.
Naxcivanbank, Caspian Development Bank, Bank Respublika, VTB Bank (Azerbaijan), AGBank, Bank BTB, Rabitabank, Bank of Azerbaijan, Unibank, YapiKredi Bank Azerbaijan, Bank Silk Way, AccessBank , Bank Standard, Ekspressbank, DekaBank, NBC Bank, AFB Bank, Azerbaijan Industry Bank, as well as the Baku branch of Bank Melli Iran, International Bank of Azerbaijan (IBA), Bank Technique, Zaminbank, Bank Eurasia, Azer Turk Bank, Muganbank, Caucasian Development Bank, Kapital Bank, Pasha Bank, Gunay Bank, DemirBank, Xalq Bank, Turan Bank, Nikoil Bank, AtaBank, Ganjabank, Bank of Baku, Azerbaijan Kredit Bank, Parabank, United Credit Bank, Atrabank and Amrahbank, Kredobank, Euro Bank, Ziraat Bank Azerbaijan have already joined the IRS.
Furthermore, subsidiaries of Azerbaijani banks in Georgia - Caucasus Development Bank - Georgia joined the system in July. Two subsidiaries of Azerbaijani banks - International Bank of Azerbaijan - Georgia and PASHA Bank Georgia have been registered earlier.
Azerpoct Ltd., the national postal operator of Azerbaijan, the Baku office of the Baker Tilly British auditing and consulting company, Baku Interbank Currency Exchange, the National Depository Center, Pasha Life, Gala Life and Ateshgah Life insurance companies, as well as ADB Broker, Yapı Kredi Invest, Xalq Capital, UniCapital, BOB Broker, Texnika Capital Management, Pasha Capital, Chelsea Capital, Brokdil-AZ, Invest-AZ, Trust Asset Management, AzFinance Asset Management, International Transaction System, Standard Capital, Investaz Asset Management companies have also joined the system.
Edited by CN
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