BRITAIN FAILS TO DISCLOSE BANK ACCOUNTS TO RUSSIA

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The British Tax Service (HMRC) has removed Russia from the list of jurisdictions with which it automatically exchanges tax information. This means that the Federal Tax Service (FTS) of Russia will not be able to track the data on Russians holding assets in the UK as of 2018, without a special request to the local authorities.

In 2018, Russia was included in the list of countries for the exchange of tax information by the United Kingdom under the Common Reporting Standard (CRS). In 2019, however, it is no longer in this list. "Russia is not a party of the automatic exchange in 2019," the document says.

Russian authorities joined the international agreement on automatic exchange of financial information in September 2018. As a result, Russia began to receive data from 58 countries, including the United Kingdom. A total of 75 countries and 13 territories participate in the automatic exchange of such information.

In March 2019, the Federal Tax Service summed up the first results of the international automatic exchange of financial information. In addition to the account holder and its number, the report discloses its balance, information on the annual cash flow, income from investment, profit from the sale of shares, interest on deposits, etc. The Russian Tax Service called the system "an entirely new level of tax transparency".