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RU - Russia joins OECD’s Common Reporting Standard (CRS)

On 12 May 2016, the Government of Russia has signed the Multilateral Competent Authority Agreement (MCAA) on automatic exchange of information (AEOI), so adopting the OECD’s Common Reporting Standard (CRS).

On 12 May 2016, the Government of Russia has signed the Multilateral Competent Authority Agreement (MCAA) on automatic exchange of information (AEOI), so adopting the OECD’s Common Reporting Standard (CRS). This will enable Russian tax authorities to enter into bilateral agreements to receive information on financial accounts held abroad by Russian tax residents, both individuals and entities, and to collect information held by Russian financial institutions and exchange it with partner jurisdictions. The exchange of information will occur automatically on an annual basis from 2018. AEOI requires a minimum standard of data protection to be put in place by tax authorities, and compliance with this may be a complex issue for reporting institutions and the Russian and partner tax authorities.

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