“Boss” accounts unraveled – How will the suspicious finances be tracked, fines up to 12,000 euros

All bank accounts of citizens residing in a foreign country but operating in Albania will be reported to the tax administration for the purpose of verifying whether there is any tax evasion. The Law “On Automatic Exchange of Financial Account Information” is published in the Official Journal and comes into force in the first half of March.

130 countries apply this practice and Albania is the first in the region to be included in this system. The main purpose will be to identify offshore companies. The bank accounts opened from January 1, 2019 onwards will be subject of the control, and the information coming to Albania will be automatic. Each reporting financial institution shall report to the Competent Authority the information on the annual reportable accounts within 30 May of the following year.

Failure to timely submit mandatory information to report is penalized with 10 thousand ALL, incorrect submission of mandatory information with 50 thousand ALL fine, failure to provide required information by any account holder reportable or other responsible person, at 1 million ALL fine, making a false statement by any account holder of 1.5 million ALL fine. For operating the system, the financial cost is estimated at ALL 45 million, while another 15 million will be paid annually for its maintenance.

SCAN

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