On January 27 in Paris, representatives of Russia and the U.S. will discuss the details of agreements on bilateral cooperation for the implementation of the provisions of the U.S. law on fiscal discipline in relation to foreign accounts (Foreign Account Tax Compliance Act, FATCA).
The American law on fiscal discipline in relation to foreign accounts tightens the requirements for reporting information applicable to foreign financial institutions and other financial intermediaries who receive certain types of income from sources in the United States. For individuals and companies that do not disclose the actual American owners of the financial accounts, a certain sanction of 30 % tax is set.
According to Finance Minister Anton Siluanov, the Russian side has prepared the draft of the agreement on FATCA.
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