Switzerland may stop automatic exchange of financial information with Russia
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The Swiss Federal Council will consider a proposal to stop the automatic exchange of financial information with Russia, claims the portal Finews. Previously, these measures were approved by both chambers of the Swiss Parliament. The government is expected to make a final decision on this issue by the end of September.
Automatic exchange of information on financial accounts between Russia and Switzerland has been carried out since 2018. Its purpose is to establish by the state its tax residents who have accounts abroad. This information is then used in tax administration.
In July, the Federal Tax Service (FTS) of Russia excluded from list foreign states (territories), with whose competent authorities automatic exchange of financial information is carried out, the UK and its three offshore companies – the Isle of Man, Guernsey and Jersey. At the same time, the FTS added seven more jurisdictions to the list: Azerbaijan, Bahrain, Gibraltar, Kazakhstan, Macau, Oman and Turkey. After that, the number of jurisdictions exchanging financial information with the Russian Federation reached 76 (67 states and 12 territories).
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