The Federal Tax Service of Russia updated the list of jurisdictions participating in the automatic exchange of information on financial accounts for tax purposes by adding Turkey (and Nigeria). The updated list will come into effect starting from December 21, 2020.
The decision of Turkey to join into the automatic exchange of tax information with Russia will speed up in both countries the process of identifying mala fide taxpayers, including those who do not disclose information about their activities and do not report on their tax obligations.
In particular, controlled foreign companies reporting, currency control compliance, taxation of individuals working abroad, cross-border real estate transactions and beneficial ownership identification would become easier to control on both sides.
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NAZALI TAX & LEGAL |