The Russian Ministry of Finance prepared a bill expanding the "exchange of secrets" between the Central Bank of Russia and the Federal Tax Service. According to this bill, the tax authorities will get information about transactions performed on the bank accounts of the taxpayers, including those constituting bank secrets, and the Central Bank will have access to information constituting tax secrets.
The bill aims at the tax authorities more efficiently identifying illegal tax evasion and optimization schemes used by bad faith taxpayers and increasing the quality of the Central Bank’s supervisory activities. At present, the information automatically transmitted by the banks to the Federal Tax Service as part of currency control is limited to the data on opening and closing bank accounts or changing their details. If the amendments are adopted, the volume of exchanged data will significantly increase and the tax authorities will be able to receive almost all the information available to the Central Bank about banks and their clients.
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NAZALI VERGI & HUKUK |