Brief information As we informed you in May edition of PwC Azerbaijan Times, Azerbaijan agreed in substance to an IGA with the USA for FATCA purposes and on 16 May 2014 was added to the list of IGA Model 1 countries. The Parliament (Milli Majlis) of Azerbaijan has already started harmonizing the local laws with FATCA to enable the taxpayers (in particular, foreign financial institutions) to comply with the disclosure requirements of FATCA. On 20 June 2014, Milli Majlis discussed a number of amendments and additions to the Tax Code (new clauses on disclosures based on requirements of international agreements and corresponding sanctions for incompliance), Law on Insurance Activity (changes to the clause on Insurance Secret), as well as to the Law on Banks (changes to article on Bank Secret). PwC Azerbaijan will update you on the content of the aforementioned changes, once they enter into force and become public. PwC Azerbaijan Times Special Issue № 2: FATCA News June, 2014 Overview of this Issue: • Milli Majlis is harmonizing the local laws with FATCA For any questions related to the information included herein, please contact Aysel Suleymanova Marketing & Communications Manager [email protected] PwC Azerbaijan The Landmark Office Plaza III | 12th Floor 90A Nizami Street AZ1010 Baku | Azerbaijan Tel: +994 12 497 2515 Fax: +994 12 497 7411 www.pwc.com/az © 2014 PwC. The material contained in this alert is provided for general information purposes only and does not contain a comprehensive analysis of each item described. No representation/warranty is given as to the accuracy or completeness of the information in the publication. Before taking (or not taking) any action, readers should seek professional advice specific to their situation. No liability is accepted for acts or omissions taken in reliance upon the contents of this alert.

June, 2014 PwC Azerbaijan Times · 2015-06-03 · purposes and on 16 May 2014 was added to the list of IGA Model 1 countries. The Parliament (Milli Majlis) of Azerbaijan has already

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Page 1: June, 2014 PwC Azerbaijan Times · 2015-06-03 · purposes and on 16 May 2014 was added to the list of IGA Model 1 countries. The Parliament (Milli Majlis) of Azerbaijan has already

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

[email protected]

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

© 2014 PwC. The material contained in thisalert is provided for general informationpurposes only and does not contain acomprehensive analysis of each itemdescribed. No representation/warranty isgiven as to the accuracy or completeness ofthe information in the publication. Beforetaking (or not taking) any action, readersshould seek professional advice specific totheir situation. No liability is accepted for actsor omissions taken in reliance upon thecontents of this alert.