Exchange of tax information between Russia and Switzerland in 2017
In September 2017 it became known that there would be an exchange of tax information between Russia and Switzerland.
The topic "the exchange of tax information Russia Switzerland" was vividly discussed even from the time when Switzerland was preparing a list for this country, among which is Russia.
Of course, in early September, Schweizerische Volkspartei proposed blocking the exchange of information with countries with high levels of corruption.
All eleven countries are on the list, including Russia.
But no, a miracle has already happened here. In September, a vote was launched on whether one of the forty countries could receive financial information from Switzerland.
The criteria were as follows - the country should have:
• Legal basis for exchange agreement
• Agreements with other countries on the exchange
• Responsibility for data privacy
• Reliability in the sense that the country does not violate human rights
Such a vote was held separately for each country. Someone managed to avoid blocking, and someone was lucky. Including with Russia - one hundred votes “for” against ninety.
Information exchange Russia Switzerland - what will happen next?
Still, the exchange of tax information between Russia and Switzerland is possible. In some ways this is bad news.
The fact is that when sharing information Russia Switzerland, there is a high probability that the data will fall into the black market of Russia. This is indicated by financial experts.
And when the data is on the black market, anyone without exception can use it for various purposes, among which there are criminal goals. Along with this, the business of selling data can grow.
On the other hand, it is an additional measure to preserve the Russian economy. With the help of such methods as the exchange of Russia Switzerland, the Russian authorities are trying to rectify the situation with the economy. The fact is that deoffshorization turned out to be an ineffective tool. And there are enough Russian clients in Switzerland.
Swiss politicians fear that the exchange of information Russia Switzerland will lead to negative consequences, as the Russian Federation is included in the Swiss list of countries with a high level of corruption.
Will the upcoming exchange of tax information Russia Switzerland - is not known. Despite the vote, the decision remains inconclusive. But it is planned to continue this discussion topic.
Therefore, if you have a Swiss bank account, it is recommended to contact us for help! Until the final decision has happened, which can probably be positive, it is necessary to take action now.
Exchange Russia Switzerland - what is it?
The automatic exchange of information means the systematic and periodic transfer of the “basic” information of the taxpayer to the country of origin in the country of residence for various income categories (for example, dividends, interest, royalties, wages, pensions, etc.).
Information that is automatically exchanged is usually collected in the source country on a regular basis, usually through reporting payer payments (financial institution, employer, etc.).
Auto-exchange can also be used to transfer other types of useful information, such as changing residences, buying or disposing of real estate, returning value-added tax, etc.
As a result, the tax authority of the taxpayer’s country of residence can check its tax records to confirm that taxpayers have accurately reported their foreign source of income. In addition, information relating to the acquisition of significant assets can be used to estimate the net worth of an individual.