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Albania Enacts New Law on Tax Information Exchange

Tirana, Albania - The Albanian government has introduced a new law aimed at strengthening tax transparency and cooperation with other countries in the fight against tax evasion.

Key Provisions of the Law

The law requires Reporting Financial Institutions (RFIs) to complete and submit questionnaires or written requests for information from the Competent Authority within 15 working days of receipt. Additionally, RFIs must:

• Meet with employees of the Competent Authority during working hours to answer questions and provide information regarding the implementation of this law.
• Establish, maintain, and document due diligence procedures designed to identify Reportable Accounts maintained by such financial institutions.

The Competent Authority has the power to notify RFIs if it has reason to believe that an error may have led to inaccurate or incomplete information, or if the reporting does not comply with applicable requirements and due diligence procedures in accordance with the Common Reporting Standard (CRS).

Confidentiality and Data Security

The law requires confidentiality and data security measures to be implemented by employees of the Competent Authority and RFIs. Employees must sign a confidentiality statement administered by the relevant institutions involved as employers.

Automatic Exchange of Financial Account Information

The Competent Authority is responsible for exchanging information on tax matters with foreign authorities through the automatic exchange of financial account information. This process will be carried out in accordance with international standards and domestic legislation.

Reporting Deadline

The Albanian government has set a deadline of May 30th for reporting financial institutions to submit their reports to the tax administration for the previous calendar year. Exceptionally, the first reporting period will be extended until November 15, 2020.

Expected Impact

The law is expected to enhance Albania’s cooperation with other countries in the fight against tax evasion and improve transparency in the financial sector.

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