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Russia may soon ratify OECD Convention on taxation assistance

January 15, 2014, 7:49 UTC+3 MOSCOW
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MOSCOW, January 15, 7:39 /ITAR-TASS/. A bill about ratification of the Organization for Economic Cooperation and Development (OECD) Convention on mutual administrative assistance in taxation affairs has been referred to Russia's government. According to Kommersant newspaper, this initiative was proposed by Foreign and Finance Ministries.

"Ratification of the agreement will enable Russia's taxmen more widely to exchang information with foreign counterparts, get a right to participate in tax inspections abroad and exact debts from companies which have assets in other countries," the paper writes.

A ratification of the Convention, dated 1988, was planned out in a routine procedure -- within the framework of Russia's accession to the OECD. However, the plans articulated by Russian President Vladimir Putin to de-offshorize the Russian econmy have actualized the theme.

The Convention is intended first of all to help in getting information from foreign taxmen, which will make it possible to monitor the obtaining of incomes and transfer of resources from offshore areas.

According to a review made public Tuesday by the Bank of America Merrill Lynch, the Russian government's de-offshorization plans, in the event of their implementation, would help add $5-6 billion worth of tax money in budget revenue, resultant primarily of the tax interest and dividends.

The OECD Convention was updated in 2010. It had been signed by 64 countries and rafified by 28 ones.

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