Almost 90% of Azerbaijani banks registered in U.S. Tax Administration

Baku, Azerbaijan, Aug.8
By Emil Ismayilov - Trend:

Some 39 out of 44 commercial banks operating in Azerbaijan have already joined the
Internal Revenue Service of the United States, through which the tax authorities of Azerbaijan will submit information about the accounts of U.S. 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, as of late July "Ganjabank", "Bank of Baku", "Azerbaijan Kredit Bankı", "Parabank", "United Credit Bank", "Atrabank" и "Amrahbank" have been registered at the IRS.

"Bank Respublika", "VTB Bank (Azerbaijan)", "AGBank", "Bank BTB", "Rabitabank", "Bank of Azerbaijan", "Unibank", "YapiKredi Bank Azərbaycan", "Bank Silk Way "," AccessBank "," Bank Standard "," Ekspressbank "," DekaBank "," NBC Bank "," AFB Bank "," Azerbaijan Senaye Banki ", as well as the Baku branch of "Bank Melli Iran ", 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 already joined the IRS.

Furthermore, the Baku office of the British auditing and consulting company "Baker Tilly", as well as "YapiKredi Invest" LLC passed the registration in the system.
Furthermore, subsidiaries of Azerbaijani banks in Georgia - Caucasus Development Bank - Georgia joined the system in July. Two "daughters" of Azerbaijani banks - "International Bank of Azerbaijan - Georgia" and "PASHA Bank Georgia" have been registered earlier.

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.

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