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Suspicious accounts, taxes warn banks: Respect the reporting format, or fine. Deadline until August 31

2024-06-22 12:19:58Biznes SHKRUAR NGA REDAKSIA VOX

Suspicious accounts, taxes warn banks: Respect the reporting format, or fine.

The tax administration has appealed to banks to respect the reporting format for suspicious accounts, otherwise it warns of penalties.

According to the announcement of the General Directorate of Taxes, based on the reports made by the Financial Institutions by May 30, 2024, where inaccuracies were found, the Tax Administration reminds the latter that the reports must be made in electronic form, according to the standardized format ( XML schema) in accordance with the Common Reporting Standard (CRS).

"Any other reporting, not according to the XML format, provided for in the law will be considered incorrect and therefore the reporting financial institution will be fined in accordance with the provisions of the law "On the Automatic Exchange of Information", the announcement states. For this reason, the Administration Tax informs financial institutions that the deadline for correcting reporting according to electronic XML format is August 31, 2024.

While, according to taxes, the reporting financial institutions, which claim that they are not obliged to implement the law "On the Automatic Exchange of Information" must argue the reason why they do not self-classify as a subject for reporting and declare the reportable accounts with 0 (nil report). .

To combat the problem of offshore tax evasion and the avoidance of the accumulation of money abroad, the tax authority, in cooperation with the G20 countries and the OECD, created a Common Reporting Standard (CRS) on the Automatic Exchange of Information (AEOI).

The information to be exchanged includes financial account balances at the end of the reporting year, capital gains (including interest, dividends, rights and proceeds from the sale of financial assets) reported to governments by financial institutions, covering the accounts of held by individuals and entities including trusts and foundations.

The General Directorate of Taxes collects data from financial institutions and exchanges it automatically with the other 130 signatory countries of the agreement. Failure to submit on time the mandatory information to be reported or with inaccuracy, is punished with a fine of 10,000 Lek.


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