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Russia will join others with exchange of tax information

Publication date: 17 May 2013

Russia doesnt want to make fighting with offshore jurisdictions its national sport, so it will cooperate with other counties, exchanging taxation-related information the way it is being proposed today.

By: GAAP-IFRS.COM

Russia doesnt want to make fighting with offshore jurisdictions its national sport, so it will cooperate with other counties, exchanging taxation-related information the way it is being proposed today (see: http://gaap-ifrs.com/news/134401).

Russia will join the agreement on automatic exchange of tax information between tax authorities of the worlds largest countries. Thats probably the most important news from the opening day of the OECDs Forum on Tax Administration in Moscow. Final suggestions for implementation of the mechanism for automatic exchange of information will be ready for the G20 summit in St.-Petersburg to take place this years autumn.

The OECDs Forum on Tax Administration was created in 2006 with the main task to develop common policies for taxation and tax administration in the worlds largest counties (including Russia, although it hasnt fully completed its joining the organization yet).

Automatic exchange of information (as opposite to the regime where it is provided upon request) became possible not only in theory relatively not long ago. Five largest European countries - Great Britain, Germany, France, Italy, and Spain agreed to exchange information with the most important offshore jurisdictions like Cayman Islands, Bermuda Islands, British Virgin Islands, Gibraltar, Man, and Guernsey (see: http://gaap-ifrs.com/news/134283). This was the beginning, and it is not going to stop there, thats for sure.

Original source: Kommersant