U.S. waits for Azerbaijan’s response on tax information exchange agreement
Baku, Fineko/abc.az. The U.S. is waiting for Azerbaijan’s response on the agreement on the exchange of tax information on the FATCA rules.
The U.S. Embassy reports that the US has engaged the Azerbaijani government on this issue.
“Now we’re waiting for their response. The US government is negotiating similar arrangements with every country in the world,” the Embassy said.
The Foreign Account Tax Compliance Act (FATCA) entered into force on 1 January 2013. According to the Act, from 1 July 2014 the banks and other financial institutions worldwide should connect to the system of the U.S. Internal Revenue Service (IRS), and inform it of such accounts. Those who will avoid this procedure will be applied sanctions.