Baku. 30 June. REPORT.AZ/ According to the statement signed, Azerbaijan will introduce Common Reporting Standard - CRS on July 1, 2017. Accounts that exist in the financial institutions until July 1 are counted as "pre-existing accounts".
Report informs, Zaur Fatizade, Director General of the Department for International Cooperation and Tax Monitoring at Financial Institutions of the Ministry of Taxes, said.
According to Z.Fatizade, existence of an account to be reported on "pre-existing accounts" from the date of launch of the standard will be determined on the basis of information in the order of the financial institutions and sources known.
According to the ministry's official, exchange of financial information is conducted under Multilateral Convention on Mutual Administrative Assistance in Tax Matters" of the Council of Europe and the Organization for Economic Co-operation and Development (OECD).