Azerbaijan begins to exchange tax data upon new standards
Baku, Azerbaijan, Sept. 21
By Azad Hasanli – Trend:
Azerbaijan will begin to exchange tax data with 54 countries upon the "Common Reporting Standard" in 2017, Zaur Fatizade, director general of the Department for International Cooperation and Tax Monitoring at Financial Institutions of the Azerbaijani Taxes Ministry, told Trend.
"Common Reporting Standard" (CRS), developed by the Organization for Economic Cooperation and Development (OECD) in 2014, will be applied at the global level.
To date, over 100 countries have already started to implement these standards. The purpose of CRS is to prevent tax evasion.
Fatizade added that Azerbaijan has been already implementing CRS since July 1, 2017. However, the first reporting based on these standards will be delivered in September.
"We will begin to exchange tax data in 2018 with all countries that have started implementing CRS as tax administrations of several countries said that they are not ready to implement these standards yet," he added.
Fatizade also added that to date, all Azerbaijani financial institutions have started applying CRS.