UPDATE: Minister: Russia to sign tax data sharing pact on May 12

(Adds details in last paragraph)

MOSCOW, Apr 28 (PRIME) -- Russia will sign an international agreement to share tax information automatically at a forum of the Organization for Economic Co-operation and Development (OECD) on May 12, Finance Minister Anton Siluanov said on Thursday after a governmental meeting.

“The government has decided today to join the international agreement which gives the countries participants a possibility to exchange the information about the financial operations of households and companies automatically,” Siluanov said.

He said that the Russian tax authorities will start to receive data about opening and closing of accounts and the earnings of residents of Russia’s tax residents from foreign banks, depositories, brokers and some other legal entities.

Technologically, a full tax data exchange will become possible no later than in 2018, he said.

The government will not extend the offshore capital amnesty, or offshore asset declaration without criminal persecution for tax arrears after July 1, 2016, Siluanov said.

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