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Azerbaijan, Russia eye to launch automatic exchange of financial information

Business Materials 14 September 2018 12:16

Baku, Azerbaijan, Sept. 14

By Azad Hasanli – Trend:

Azerbaijan and Russia plan to launch automatic exchange of financial information starting from Jan. 1, 2019, a source in the Azerbaijani government told Trend.

The exchange will be carried out as part of the Common Reporting Standard for the automatic exchange of tax information of the Organization for Economic Cooperation and Development (OECD).

Azerbaijan will automatically provide the Russian side with information on companies, accounts and assets of tax residents of the Russian Federation. Russia, in turn, will provide such information to the Azerbaijani side.

Earlier, tax bodies of both countries had to request information on each case separately. At the same time, it was necessary to justify why this information was needed, for example, if there are suspicions of tax evasion.

Presently, Azerbaijan has similar agreements with 51 countries. They include Australia, Czech Republic, Denmark, Estonia, Greece, Italy, Japan, and Norway.

The source added that Azerbaijan has also recently signed such an agreement with Hong Kong. The agreement came into force on Sept. 1, 2018.

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Follow the author on Twitter: @AzadHasanli

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