On 15 April 2024, the Albanian Central Tax Administration declared that financial institutions must report for the automatic exchange of financial account information (AEOI) under the common reporting standard (CRS) by the deadline of 30 May 2024. AEOI-CRS refers to the framework and process by which participating countries automatically exchange financial account information with each other to combat tax evasion and ensure compliance with tax regulations. Under AEOI-CRS, financial institutions are required to collect and report specific information about their customers’ financial accounts, which is then shared with tax authorities in other jurisdictions on an annual basis.
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