Baku, Azerbaijan, June 10
By Emin Aliyev- Trend:
Some 15 commercial banks of Azerbaijan have already agreed to assist the US Internal Revenue Service (IRS), by helping the tax authorities of the country by providing information on the accounts of United States citizens, the IRS told Trend.
Earlier, Azerbaijan and the IRS agreed on conclusion of the intergovernmental agreement on the implementation of the country's banks FATCA - the law on taxation of foreign accounts of U.S. 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 U.S. assets in the amount of 30 percent of their volume. Since 2017, it is provided the same collection of revenue from the sale of securities and even transit payments.
In particular, the International Bank of Azerbaijan (IBA), "Bank Technique", "Zaminbank", "Bank Avrasiya", "Azer Turk Bank", "Muganbank", "Caucasian Development Bank", "Kapital Bank", "PASHA Bank", "Gunay Bank", "DemirBank", "Xalq Bank", "Turan Bank", "NIKOIL BANK" and "AtaBank" have been registered with the IRS.
Furthermore, the Baku office of the British auditing and consulting company "Baker Tilly", as well as IBA subsidiaries and "PASHA bank" in Georgia - "International Bank of Azerbaijan - Georgia" and "PASHA Bank Georgia" have also passed the registration in the system.
Azerbaijan was included in the IRS list of cooperating countries in mid-May, and the deadline for registration of Azerbaijani financial institutions in the system of the American tax authority has been extended until 31 December.
The final text of the Azerbaijan-U.S. intergovernmental agreement, the completion of all the necessary domestic procedures and signing will be held immediately by the end of 2014, and the additional document regulating the practical organization of the exchange of information, provision of privacy and other issues, as expected will be signed by the end of September in 2015.
Edited by CN