Legal news and practices in Russia17.12.2018 OECD reported on the exchange of tax information by countries, Russia did not transmit data
According to the Organization for Economic Cooperation and Development (OECD), to which the Vedomosti newspaper refers, in 2018 86 countries exchanged tax information about 4.5 thousand times. According to the OECD report on the state of the exchange system on November 22, in the coming months even more countries will begin sharing data.
According to the OECD, Russia is not yet fully involved in the exchange of information: it received the first data from other countries for 2017, but has not yet managed to provide information. The Federal Tax Agency (FTS) told Vedomosti that they are finalizing the preparation of information for transmission to foreign countries.
In 2014, almost 100 countries pledged to introduce a standard on automatic information exchange. Almost all of them fulfill their obligations, writes the OECD. The exception is the United States, where the FATCA system (obliges financial institutions around the world to inform the US Internal Revenue Service of the accounts of American residents), and Kuwait, which postponed the first data exchange for 2019.
OECD writes that only 11 countries do not fully participate in data exchange. The organization does not disclose which countries we are talking about, but clarifies that they do not have direct taxation systems.
Some states transmit less data than planned because of the tight deadlines for their collection and processing, according to the OECD. According to experts, from next year the exchange should earn fully.
At the end of December 2017, Russia activated bilateral agreements with the fiscal authorities of 73 states (territories) as part of a multilateral agreement on the automatic exchange of information. At the beginning of 2018, the Federal Tax Service proposed to financial market participants to test a draft of formats for the exchange of tax information.
kommersant.ru, 17 December 2018 |