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8 Jul 2016

Belarus may join standard for automatic exchange of financial account information

MINSK, 8 July (BelTA) - Belarus may join the standard for automatic exchange of financial account information, Belarus’ First Deputy Taxes and Duties Minister Igor Klepcha, BelTA has learned.

“The Taxes and Duties Ministry is launching the preparations for the accession to the multilateral agreement on automatic exchange of financial account information. This mechanism allows for an automatic exchange of information in a uniform manner. As a result, the tax authorities get access to accounts in foreign financial institutions and also to other financial assets, including offshore,” he noted.

Igor Klepcha noted that as of 1 May 2016, more than 80 states voiced their intent to join the agreement. Russia’s Federal Tax Service already acceded to it in May. “This will make the tax supervision more efficient and will also help us suppress more promptly the channels of illegal transfer of capital abroad by the country’s residents,” he said.

The First Deputy Minister noted that more and more cases of illegal transfer of capital abroad or Belarusian citizens obtaining incomes in foreign countries have been detected lately. “We are aware that the traditional exchange of information with the tax authorities of foreign states, based on the request-reply principle is no longer sufficient. There is a need to exchange information in an automated mode,” Igor Klepcha stated.

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