KPMG in Azerbaijan hosted “Common Reporting Standard” | KPMG | AZ

KPMG in Azerbaijan and AR Ministry of Taxes host a joint seminar on “Common Reporting Standard”

KPMG in Azerbaijan hosted “Common Reporting Standard”

On 5th December 2017, KPMG in Azerbaijan and Ministry of Taxes of Azerbaijan Republic hosted a joint seminar on “Common Reporting Standard” (CRS) for Azerbaijani financial institutions at the JW Marriott Absheron Hotel.

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Farid Isayev, director at KPMG in Azerbaijan, made a welcome speech and outlined the key challenges that CRS sets for Azerbaijani financial institutions.

Vusal Shikhaliyev, the deputy director of tax monitoring at financial institutions department of the Ministry of Taxes, made a presentation describing the measures undertaken by the Ministry of Taxes in implementation of CRS in Azerbaijan and the guidance for reporting under CRS.

Peter Grant, partner at KPMG UK, delivered a presentation on “Automatic Exchange of Information”, discussing various practical issues related to CRS implementation, differences between CRS and FATCA, while specifically focusing on reporting regime and practical challenges.

The main objective of the seminar was to align the positions of major financial institutions in Azerbaijan and
competent local regulatory authority in CRS implementation, while also share the best international practices in this process.

The event was attended by more than 50 participants from banking sector, insurance sector, Central Bank of AR and Financial Markets Supervisory Authority of AR. 

© 2018 KPMG Azerbaijan Limited, a company incorporated under the Laws of the Guernsey, acting through its Representative Office in the Republic of Azerbaijan, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Azerbaijan.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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