Azerbaijani companies connected to US Tax Administration system increase

Baku, Azerbaijan, Feb. 3

By Azad Hasanli - Trend:

The list of Azerbaijani companies, connected to 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, has enlarged, the IRS told Trend Feb.3.

Corporate Trust Agency Ltd., one more professional participant of the securities market, has been registered in the system.

Currently, 14 licenses for brokerage activity, 14 permits for dealer activities, 2 - on depository activities, 3 - on asset management, 2 licenses - for keeping the register of holders of securities, 1 - on clearing activities, 1 - on activities of the stock exchange are valid on the securities market of Azerbaijan.

Earlier, 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 43 out of 44 operating in the country.

Naxcivanbank, Kauthar 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 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, AtaBank, Ganjabank, Bank of Baku, Azerbaijan Kredit Bankı, Parabank, United Credit Bank, Atrabank and Amrahbank, Kredobank, Euro Bank 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 Heyat, Gala Heyat and Ateshgah Heyat insurance companies, ADB Broker, Yapı Kredi Invest, Xalq Kapital, UniCapital, BOB Broker, Texnika Kapital Management, Pasha Kapital brokers, as well as the Invest-AZ, Trust Asset Management, AzFinance Asset Management companies have also joined the system.

Edited by CN

Follow the author on Twitter: @AzadHasanli

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