Automatic Exchange of Financial Accounts
The “Common Reporting Standard” for Automatic Exchange of Financial Account Information (CRS) provided for in the provisions of Law No. 10. Regulation no. 4/2020 "On automatic exchange of financial account information", and Decision of the Council of Ministers (CMD) No. 613 dated 29.07.2020 "On implementation provisions of law no. 4/2020" aims to reduce tax evasion outside the boundaries of participating jurisdictions. This standard adopted for implementation by the Albanian Government through Council of Minister Decision (CMD) No. 178 dated 09.03.2016 obliges financial institutions in participating countries (including banks in Albania) to identify and report financial accounts held by persons with fiscal residence / residence for tax purposes in one of the participating countries.
For more information please refer to the relevant sections (Individual or Business)!