CIS countries completed tax information exchange system

CIS countries completed tax information exchange system

The last country to join the CIS inter-country information exchange system based on CRS protocol is Belarus. The government ratified the execution of the automated information exchange on August 18. Since the end of summer 2020, bilateral automatic information exchange will start to work.

The actual automated exchange will start fully working from the beginning of 2021.

This is an important thing to know for Belarusian citizens who declared tax residence in CIS countries, including Russia, but continue to live in Belarus. Their tax-related information, including real estate and revenues, will be automatically exposed to tax services of Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan, for tax administration.

The similar legislation in the Russian Federation (Federal Law No. 37 of 1.03.20) is effective since April 11 2020.

When it comes to Ukraine, the news is different. Ukraine reduced information exchange with CIS to the minimum and will not employ automated tax information exchange.

Moldova, one more CIS country, did not ratified the use of the CRS protocol. CRS (Common Reporting Standard) developed by OECD and is widely used around the world.

Britain did not include Russia to the list of countries for CRS information exchange, as we wrote earlier.

ORACLE CAPITAL GROUP’S qualified accountants, and business advisers provide a full range of accountancy services to individual and corporate clients and offer tax audit support.

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