Russian finance minister Anton Siluanov has said that the ongoing tension between Moscow and Washington will not affect the signing of Foreign Account Tax Compliance Act (FATCA) agreement between the two nations.
"It will be all right. We will undertake all necessary steps for our banks to provide information about American taxpayers," Russian news agency RIA Novosti quoted Siluanov as saying.
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FATCA, which will reduce tax evasion by Americans taking advantage of hidden offshore accounts, will come into effect on 1 July.
Under FATCA, all the financial institutions from across the world will have to submit the details of accounts and transactions of their US taxpayer clients to the US Internal Revenue Service.
The foreign financial institutions which do not comply with the act will have to pay withholding taxes of up to 30% in the US on their earnings.
As per the proposed terms of the agreement, the Russian taxpayers data will also be compiled by US institutions and relayed to Russia.
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