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.
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.
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