The media reported a sharp growth of interest of Russians to Amnesty

According to the newspaper “Vedomosti”, a month before the end of the Amnesty rapidly increased the flow of people that decided to take advantage of the tax Amnesty. Tax consultants believe that the cause was the accession of Russia to the automatic exchange of tax information.

Due to this, on in 2018 will receive the information from foreign colleagues about all operations on foreign accounts and deposits. Illegal transactions like enrollment in a foreign account the funds from the sale of securities, income from trusts and derivatives will be subject to a fine of 75-100% of the amount.

The companion publication, Federal official, indicates that the operations for the year 2016 individuals are not at risk to fines, the data in the FNS will go to the end of 2017. However, information on the flow of funds accounts comes now, but in 2018 the tax will see the full picture.

However, tax advisers say that to escape from the exchange of information can, for example, in the United States. According to PwC partner Maxim Kandyba, the United States is not eager to join the exchange, and the American law FATCA does not provide an equivalent counter-exchange of information.

About the fact that Russia signed the international agreement on the automatic exchange of financial information, announced in mid-FNS representative. To date, in addition to Russia, the Treaty has been signed by more than 100 jurisdictions, including offshore jurisdictions: Panama, British virgin Islands, Jersey and Belize.

The agreement is part of a global plan by the OECD to combat tax evasion. Tax Treaty countries will automatically exchange information annually, according to the established standard. A uniform standard of exchange of information (CRS) assumes that financial institutions provide information about the financial accounts of the resident to the tax authority of his country, and the tax authorities on a bilateral basis for sharing this information.