MOSCOW, May 17 (RIA Novosti) - Russia’s Finance Ministry and the US Treasury Department should soon finalize an agreement on Russia’s accession to the Foreign Account Tax Compliance Act (FATCA), Russian Finance Minister Anton Siluanov said on Friday.
Russia’s accession to FATCA was discussed during a G20 finance ministers meeting in Washington in April, he said.
“We agreed that this matter will be considered at expert level and our experts will meet and determine the parameters of such an agreement in the very near future,” Siluanov said.
FATCA, designed primarily to combat offshore tax evasion and recoup federal tax revenues, requires individuals to report their financial accounts held overseas and foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients.
When Russia joins FATCA, Russian financial institutions will be obliged to identify US residents among their clients and report on them and their transactions to US tax agencies.
Add to blog
You may place this material on your blog by copying the link.
August 22 marks 110th anniversary of the birth of Deng Xiaoping, the architect of reforms in the People’s Republic of China. His role in shaping the history of modern China is difficult to overstate. His Chinese model is too specific to be copied in other countries, such as Russia.