When your account information is easily accessible

Александра Коваль Александра Коваль Chief of Club Russia-OECD published Taxes
When your account information is easily accessible

On June 16, 2018, the Russian Government adopted Decree No. 693 "On the implementation of international automatic exchange of financial information with the competent authorities of foreign States (territories)". The resolution was developed in accordance with article 142.4 of the tax code and is intended to implement the OECD General reporting standard (CRS) into Russian legislation. The Government Decree comes into force within one month from the date of its official publication.


The implementation of the OECD CRS is a key step for international automatic exchange. The uniform application of the standard by countries will allow the tax authorities to obtain the necessary information on tax residents of the countries participating in, from their foreign colleagues. 
 
We regard to the official website of the Federal Tax Service (FTS), since July 17 2018 the Service accepts repots of Russian organisations on customers who are foreign countries tax residents, for previously concluded contracts which cost exceeds 1 million US dollars in case of individuals, and 250 thousand US dollars in case of legal entities. A special section "Report on foreign clients according to the OECD Standard" has been created on the FTS website.

Thus, Russia has adopted the by-law regulation necessary for the implementation of the international automatic exchange of information on foreign accounts.

To date, Russia has agreed that it will receive information from the 74 countries participating in the MCAA CRS. At the same time, Russia will provide information to 57 countries.