29 Sep 2020

Kazakhstan started exchange of financial information

 

The Republic of Kazakhstan has just become a further country that started the automatic exchange of financial information. The exchange takes place under a global agreement on automatic exchange of financial and tax information developed by the Organisation for Economic Co-operation and Development (OECD) in 2014.

 

In June 2018, the Government of Kazakhstan signed the Multilateral Competent Authority Agreement on automatic exchange of financial account information dated 29 October 2014. The date for the first automatic exchange of information was scheduled for September 2020.

Kazakhstan participates in automatic exchange of financial information 

This means that Kazakhstan now receives information about foreign bank accounts, deposits and registered property held by its residents. The automatic exchange only applies to tax residents of the country.

 

Financial institutions that must submit customer information to tax authorities in their customer’s respective country of residence include banks and building societies, brokers, insurance companies, mutual funds, depositaries and other financial institutes.

 

Currently, 109 countries of the world are already exchanging financial information, and their number is constantly growing. In September 2020, Dominica, Ecuador, Liberia and Oman also started participating in the exchange.

 

The full list of countries already taking part in the automatic exchange of financial information can be seen on the official OECD website.

 

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