Automatic Exchange on Financial Accounts

Automatic Exchange on Financial Accounts

According to law no. 4/2020 “On the Automatic Exchange of Information on Financial Accounts”, 30.01.2020, Banka Kombëtare Tregtare has the obligation and is committed to fulfill the provisions of this law, referring to the implementation of Common Reporting Standard (CRS) on the automatic exchange of financial information for the identification of:

  • Fiscal residence country of account holder
  • Tax identification number of account holder

Common Reporting Standard (CRS) is a global standard, established by the OECD (Organization for Economic Co-operation and Development) in cooperation with the G20 countries and the European Union and aims to exchange information on financial accounts held in financial institutions/banks of a state, between the tax authorities of the member states of the convention. Albania has become a member by signing the agreement "On automatic exchange of financial account information", approved by Decision no. 178, dated 9.3.2016 of the Council of Ministers.
According to Law 4/2020 "On the automatic exchange of Information on financial accounts", Banka Kombëtare Tregtare, as other Financial Institutions in Albania must identify the customers residence for tax purposes and other information, such as Identification Number as Taxpayers, information on accounts/deposits or other banking products, in order to report to the Albanian Tax Authorities.

The above data will be declared from every customer by fulfilling the Self-Declaration Form with his personal tax information data.

Why do I need to complete the self-declaration?

In the framework of law enforcement no. 4/2020 “On the Automatic Exchange of Financial Accounting Information”, customer is responsible for declaring or not declaring the Tax Residence and Tax Identification Number.

Every customer has his own responsibility for the authenticity of the information they declare. 

Where and when should I fill out the self-declaration form?

  1. At any time, you can visit one of our branches with your valid identification Card or Passport
  2. Self-declaration Form (CRS) can be downloaded on below link.
    Please make sure you will complete the form correctly with the required data, sign it and then you can send:
    1. By official postal service to your own BKT branch address – find out our branch addresses on our website
    2. Scanned and sent by e-mail on our official email address

The self-declaration can also be fulfilled by any authorized representative of the customer.

We kindly request to be informed with the requirements of this law in advance and to complete the Self- Declaration Form with your personal tax information.

*For more information and if you have any questions regarding the fulfillment of this form, the determination of the tax residence or the way of classifying the subjects please visit the official website of the OECD or consult a fiscal consultant / tax authorities locally or refer to the official website of the General Directorate of Taxes, Albania automatik-i-informimi