New limits on microloans to kill off most micro lenders in Russia, say expertsBusiness & Economy July 25, 3:45
Lavrov says astonished to watch mass hysteria among US politiciansRussian Politics & Diplomacy July 25, 1:35
Lavrov comments on Syrian de-escalation zone agreementRussian Politics & Diplomacy July 24, 20:15
Iraq calls for closer cooperation with RussiaWorld July 24, 19:09
Russia develops laser-guided automatic landing system for dronesMilitary & Defense July 24, 18:22
Communist propaganda ban not aiming to dismantle Soviet WWII memorials, vows Polish envoyWorld July 24, 18:16
Situation with Siemens won’t affect Russian companies — energy ministerBusiness & Economy July 24, 18:11
Russian energy minister says oil prices may grow in 2017Business & Economy July 24, 17:31
Putin fills in Normandy Four on Russia’s approaches to key Minsk accord provisionsRussian Politics & Diplomacy July 24, 16:57
WASHINGTON, April 11. /ITAR-TASS/. Russian Finance Minister Anton Siluanov has notified US Treasury Secretary Jacob J. Lew of changes in the Russian legislation, allowing Russian banks to comply with FATCA requirements.
Siluanov told reporters on Friday that at a meeting in Washington, the Russian side expressed concern regarding the nearing time of FATCA coming into force and the lack of progress on preparation of the corresponding intergovernmental agreement.
“I stressed that reaching agreements in this field meets the interests of both countries,” Siluanov said.
ITAR-TASS reported earlier with reference to the Vedomosti newspaper that the Russian finance minister had prepared a bill, allowing banks to transmit information on their clients directly to the US Internal Revenue Service (IRS). It had initially been planned that Russian banks would provide information about American resident accounts to the Russian tax service and it would then disclose these data to the IRS. Such scheme was set in a draft agreement between Russia’s Finance Ministry and the IRS. However, a month ago, the United States de facto withdrew from the negotiations.
The Foreign Account Tax Compliance Act (FATCA) is a US law, obligating banks in other countries to disclose to the American tax authorities information about the accounts of American taxpayers in these banks.