June, 2014 PwC Azerbaijan Times · 2015-06-03 · purposes and on 16 May 2014 was added to the list...

Brief information

As we informed you in Mayedition of PwC Azerbaijan Times,Azerbaijan agreed in substance toan IGA with the USA for FATCApurposes and on 16 May 2014was added to the list of IGAModel 1 countries.

The Parliament (Milli Majlis) ofAzerbaijan has already startedharmonizing the local laws withFATCA to enable the taxpayers(in particular, foreign financialinstitutions) to comply with thedisclosure requirements ofFATCA.

On 20 June 2014, Milli Majlisdiscussed a number ofamendments and additions to theTax Code (new clauses ondisclosures based onrequirements of internationalagreements and correspondingsanctions for incompliance), Law

on Insurance Activity (changes tothe clause on Insurance Secret),as well as to the Law on Banks(changes to article on BankSecret).

PwC Azerbaijan will update youon the content of theaforementioned changes, oncethey enter into force and becomepublic.

PwC Azerbaijan TimesSpecial Issue № 2: FATCA News

June, 2014

Overview of this

Issue:

• Milli Majlis isharmonizing thelocal laws withFATCA

For any questions related to the informationincluded herein, please contact

Aysel Suleymanova

Marketing & Communications Manager

aysel.suleymanova@az.pwc.com

PwC Azerbaijan

The Landmark Office Plaza III | 12th Floor90A Nizami StreetAZ1010 Baku | Azerbaijan

Tel: +994 12 497 2515Fax: +994 12 497 7411

www.pwc.com/az

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