Federal Tax Service of Russia will conduct international negotiations on automatic exchange

The Russian government authorized the Federal Tax Service to conduct bilateral negotiations with the competent authorities of foreign states on the conclusion of agreements on the automatic exchange of financial information and country reporting and to sign such agreements. The indicated changes were introduced by a resolution of the Government of the Russian Federation.

This will allow the Federal Tax Service of Russia to develop cooperation with countries that have not joined multilateral international agreements on the exchange of information, or whose administrative practice provides for the conclusion of bilateral agreements. We are talking about such important trade and economic partners of Russia, as, for example, certain countries of the Eurasian Economic Union and the CIS, the USA and some of the largest international financial centers, for example, Hong Kong.

The development of a network of bilateral agreements will increase the Tax Service's access to information on foreign accounts of individuals and legal entities - tax residents of the Russian Federation, as well as simplify reporting for large international holdings.

On materials of the following website: http://www.consultant.ru/cons/cgi/online.cgi?req=doc&base=LAW&n=291557&fld=134&dst=1000000001,0&rnd=0.1622277903892806#06469465565138044