Moscow sees chance to improve Russia-US tiesRussian Politics & Diplomacy August 17, 18:47
Russian cosmonauts launch several nanosatellitesScience & Space August 17, 18:42
Deputy PM Mutko pledges to reinstate Russia’s membership with IAAF in nearest futureSport August 17, 18:22
Russian diplomat calls on all countries to fight against extremist web sitesRussian Politics & Diplomacy August 17, 18:16
Russian Center for Reconciliation calls on Syrians to join anti-terrorism effortsMilitary & Defense August 17, 18:05
Moscow condemns Estonia’s pro-Nazi sports quest Erna RaidRussian Politics & Diplomacy August 17, 18:00
Russian diplomat slams decision on Nazi death camp SobiborRussian Politics & Diplomacy August 17, 17:50
Russia to demonstrate new fixed-wing and rotary drones at Army-2017 forumMilitary & Defense August 17, 17:47
Russia and India may boost cooperation in Far EastBusiness & Economy August 17, 17:13
MOSCOW, July 17 (Itar-Tass) - Russia does not intend to change its plans on signing an agreement with the United States to join FATCA (Foreign Account Tax Compliance Act), Finance Minister Anton Siluanov told journalists on the sidelines of a conference organized by Vnesheconombank.
“The term is not principled. We’re planning to complete the talks till the end of the year,” Siluanov said.
According to earlier reports, American legislators postponed the start of FATCA withholding until January 1, 2014.
FATCA is the legislation written in order to specifically address the avoidance of tax by US persons through foreign financial institutions. The purpose of FATCA is, therefore, to ensure that the IRS can identify and collect the appropriate tax from US persons holding financial assets outside the US. FATCA legislation potentially applies to any company or entity with US clients or assets that could generate U.S. source income.
The fact that Russia is holding talks with the United States to join FATCA was announced by the finance minister in May. He stressed the need to intensify the exchange of information in this aspect. “This should be done long ago,” Siluanov explained.