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In the framework of the fight against tax evasion.

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From the first of January 2018 Russia joins the system automatically updates the information with other countries in combating tax evasion. A little bit more what to expect of Russians have accounts outside of the Russian Federation. Federal tax service signed an agreement on Russia's accession to the 2016, but the standard started to be developed in 2013, when the Finance Ministers of the G20 said that it is necessary to introduce a new international standard of automatic exchange of information to fight for cross-border tax evasion. The process of collecting and transmitting information arranged in the following way: financial institutions of all participating countries collect specific data about your customers (physical and legal entities) and transfer them to the tax authorities of their country, then between tax authorities to exchange information. What will face Russian tax residents with accounts outside of the Russian Federation? First of all, foreign financial institutions in the framework of the annual KYC procedures will determine the tax resident status of the client and his beneficiaries (if we are talking about a legal entity). For these purposes, signed by the special form. Further, the financial institution will generate data about the client's income and account balance and then transfer the data to the local tax authorities for transfer to the Russian Federation in the framework of exchange of information. If the client does not want to disclose, the Bank may terminate the agreement and close the account. To provide information on us accounts to the Russian tax residents agreed 73 countries. The complete list can be found on the website of the Organization for economic cooperation and development. In 2018 the 20 countries will begin to share information over the last year. That is, the tax authority will also be released in 2017. With other countries from the list, the exchange will begin in September 2019 and will cover the period from 1 January 2018. However, there is no information whether Russia is ready to howl turn share reports with these countries.

"Translated service "Yandeks.Translator"

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