On the eve of the automatic exchange, in September 2018, there was another activation of bilateral agreements on the automatic exchange of tax information within the framework of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information in 2014(CRS MCAA).
Today 103 jurisdictions, including Russia, Kazakhstan, and Azerbaijan are participants of CRS MCAA.
To date, 3,200 bilateral relationships have been reached for more than 90 jurisdictions. The number of bilateral relationships has increased by 500 only since April this year and continues to grow.
Taking into account the latest updates in August 2018, Russia will provide information on foreign tax residents in 60 jurisdictions, and receive data on Russian tax residents from 83.
Azerbaijan, UAE, Bahrain, Bahamas, Hong Kong, and Macao (China), Saint Kitts and Nevis, Aruba and Grenada are included in the list of jurisdictions with which the exchange will be automatically carried out.
New countries will also join the OECD Convention on Mutual Administrative Assistance in Tax Matters of 1988, which ratification is a prerequisite for participation in automatic tax exchange. Since early May 2018, the former Yugoslav Republic of Macedonia, Grenada, Hong Kong and Macao (China), Liberia, Paraguay, and Vanuatu have acceded to the Convention, bringing the total number of participating jurisdictions to 125.
Furthermore, the Bahamas, Bahrain, Grenada, Peru, and the UAE have submitted their ratification documents to the OECD.
Translation by Boryana Kiskinova