Tax officials of Russia and US will meet next week in Paris to discuss financial information sharing regime, RIA Novosti reported quoting Russia’s finance minister Anton Siluanov.
"We have a few reservations on the Russian side. There are still some points to agree on with our American counterparts," the publication quoted Siluanov as saying.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
On 16 December 2013, PBI reported that Russian Prime Minister Dmitry Medvedev has asked the Russian Finance Ministry and the Central Bank to draft an agreement on bilateral cooperation to implement the US Foreign Account Tax Compliance Act (FATCA) by 20 January 2014.
Russia began discussions last year to join the United States’ 2010 Foreign Account Tax Compliance Act (FATCA), which is aimed at reducing off-shore tax evasion.
Under FATCA, which comes into force on 1 July 2014, foreign financial institutions are required to disclose information to the US Inland Revenue Service (IRS), on all accounts held by US taxpayers, otherwise they will be subjected to a 30% withholding tax.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
