Russia To Automatically Exchange Tax Info With Turkey, Nigeria - Tax Service's Proposal

The Russian Federal Taxation Service has proposed adding Turkey and Nigeria to the list of countries that share tax information with Russia automatically, a relevant draft order was published on the official legal information portal

MOSCOW (UrduPoint News / Sputnik - 23rd September, 2020) The Russian Federal Taxation Service has proposed adding Turkey and Nigeria to the list of countries that share tax information with Russia automatically, a relevant draft order was published on the official legal information portal.

This brings the number of countries and territories that have indicated readiness to automatically exchange financial information with Russia to 91.

Since 2018, Russia is engaged in the international financial information exchange.

It submits to foreign taxation agencies data on their taxpayers, obtained from Russian financial organizations. In exchange, the Federal Taxation Service receives information about Russians' foreign accounts.

The participants of the deal exchange information under the Common Reporting Standard, formulated by the Organisation for Economic Co-operation and Development. The standard is designed for fighting tax evasion through concealing offshore accounts.