Russia to access OECD multilateral tax convention

Russia to access OECD multilateral tax convention

On January 18, 2014 the State Duma introduced a bill on ratification of the Organization for Economic Cooperation and Development (OECD) Multilateral Convention on Mutual Administrative Assistance in Tax Matters signed by Russia back in 2011.

The Convention which was developed by the OECD and the Council of Europe provides for granting the tax authorities the right to automatically exchange information and exchange of information on request to facilitate investigations into fiscal crime.

It was estimated that joining the treaty will enable Russia to claw back USD5-6 billion in revenue lost to low-tax jurisdictions.

The chairman of the State Duma, Sergei Naryshkin, said recently that Russia's accession to the organization is a top priority and he is hopeful that the process will be speeded up.

The official text of the Convention available here http://www.oecd.org/ctp/exchange-of-tax-information/ENG-Amended-Convention.pdf

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