Russia to ratify OECD Multilateral Tax Convention
23 January 2014
Posted by: Author: Tatiana Smolenska
Author: Tatiana Smolenska (Tax-News)
Russia is on the way to fully joining the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, according to business newspaper Kommersant.
The country's Finance and Interior Ministries have presented the government with a bill for the ratification of the convention. The agreement was signed by the government in 2011.
The convention, which was developed by the Organization for Economic Cooperation and Development (OECD) and the Council of Europe, provides for both the automatic exchange of information and information on request to facilitate investigations into fiscal crime.
It is estimated that joining the treaty will enable Russia to claw back USD5-6bn in revenue lost to low-tax jurisdictions.
Russia is also in the process of becoming a full member of the OECD. 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.
This article first appeared on tax-news.com.