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Russia Ratifies International Agreement on Financial Information Exchange

Russia has sealed an general agreement on a sell of financial information, state news group TASS reported Thursday.

The conduct of Russia’s Federal Taxation Service (FNS) Mikhail Mishustin pronounced that Russia will join a tellurian complement of information sell between taxation authorities in opposite countries in 2018.

“This will concede us to accept information on financial accounts of taxpayers from some-more than 80 jurisdictions, including offshores … a agreement means that there will be fewer possibilities for taxation evasion,” he said. According to RBC, offshores in Panama and British Virgin Islands have also concluded to join a tellurian system.

The agreement, along with a gathering on mutual executive assistance on taxation cases — validated by Russia in Nov 2014 — creates a general authorised basement for programmed information sell format, authorized by G20 countries, according to a FNS, TASS reported.

Russia is a 81st nation to join a agreement. Once it comes into force in 2018, Russia will be means to entrance information on a unfamiliar accounts of Russian taxpayers from unfamiliar taxation agencies.

Currently this exchange, according to TASS, is finished by ask only.

In April, Russia’s Finance Minister Anton Siluanov pronounced that programmed taxation information sell means that it will be some-more formidable — and eventually unfit — to censor taxable revenues from Russian taxation agencies in other countries.

Article source: http://www.themoscowtimes.com/article/569318.html