Miscellaneous

The process of rapid globalization has facilitated the practice of concealing (hiding) income through holding and managing investments in Financial Institutions outside of the countries of residence of the account holders.

In order to encourage the integrity of the tax systems, OECD member states have agreed on closer cooperation between the tax authorities of the participating countries. A key aspect of this collaboration is the automatic exchange of information on financial accounts.

Albania has also adapted domestic legislation to meet the requirements of this cooperation by approving the Law no. 4/2020 “On the Automatic Exchange of Financial Account Information”.

This Law and other bylaws that complement its content have defined a series of obligations for all Financial Institutions operating in the territory of the Republic of Albania.

The Financial Institutions are obliged to collect and cumulate fiscal data of account holders;

1. For Individuals:

• Name, Surname
• Date of birth, Place of birth, State of birth
• Current residence address (full details on the address)
• Tax Identification Number of the reportable residence

2.       Legal Entities:

• Legal name of the entity or branch
• The place in which the subject / entity was established as a legal entity
• Place of residence
• Tax identification numbers
• Type of Subject

This data is provided by customers through the completion of the self-certification forms attached to this section. You can fill out a copy (hard copy) of these forms at any of the branches of the American Bank of Investment S.A.. Also, the completed and signed forms can be sent by mail, scanned copy, to the dedicated ABI e-mail: [email protected]  

According to the Law, all Financial institutions will report to the national tax authorities (General Directorate of Taxes) the financial accounts of the account holders, controlling persons of legal entities, who for tax purposes are residents of at least one jurisdiction of the CRS participating countries.

Please note that according to the provisions of Law no. 4/2020, Financial Institutions are prohibited to establish new business relationships with customers in the absence of the completed and signed self-certification form. Penalties are provisioned for failure to provide the required information as well as for any possible false declaration.

About CRS Self-Certification Forms, please refer to the documentation below

Further documents and information regarding CRS, please refer to General Directorate of Taxes and www.oecd.org

You may need these documents: