Russia to ratify OECD’s multilateral Convention on mutual administrative assistance in tax matters

Russia to ratify OECD’s multilateral Convention on mutual administrative assistance in tax matters

Russian Government submitted a draft law on ratification of the OECD’s multilateral Convention on mutual administrative assistance in tax matters to the State Duma.

 

Upon adoption of this Convention Russian tax authorities will enjoy information exchange with the other 64 countries- Parties to this treaty, including several offshore jurisdictions (British Virgin Islands, Belize, Isle of Man and others).

 

The Convention provides such previously unavailable for our taxmen forms of assistance as automatic and spontaneous exchange of information.

 

To launch automatic exchange of information, Russia has to conclude additional bilateral agreements with each Party to the Convention to determine the details and procedures.

 

As for spontaneous exchange of information, it means that the country – signature to the Convention shall, without previous request, forward to another Party information should there are grounds for supposing that there may be a breach of tax laws of that another Party.

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