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Russia’s Sberbank registers with US tax ruler to comply with FATCA

June 03, 2014, 14:43 UTC+3 MOSCOW
Under Russian legislation, the country’s banks are allowed to report to the US tax regulator directly to avoid fines, but they have to register with the IRS independently
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© ITAR-TASS/Zurab Dzhavakhadze

MOSCOW, June 03. /ITAR-TASS/. Russian largest lender Sberbank Group has registered with the US Internal Revenue Service (IRS) to comply with the requirements of the Foreign Account Tax Compliance Act (FATCA), Deputy CEO Bella Zlatkis said at a news conference Tuesday.

“We have registered for a full status, the entire group,” Zlatkis said.

Under Russian legislation, the country’s banks are allowed to report to the US tax regulator directly to avoid fines, but they have to register with the IRS independently.

The US government earlier halted negotiations with Russia on joining the FATCA, which is meant to oblige banks across the globe to send information about US clients and their transactions to the US tax authorities.

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