Media & Resources

Access of tax authorities to data on foreign assets will be simplified

DATE: July 14, 2017 | AUTHOR: atlawyers

According to the media amendments that will activate the automatic exchange of tax information with other countries were approved. If the revenue of a corporate group exceeds 50 billion rubles, companies will have to prepare national, country and global tax returns. The data can be disclosed by any group structure in any country where these rules are implemented. The automatic exchange comes into action in 2018, and a fine for refusing to transmit returns or providing inaccurate information will amount to 100,000 rubles.

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