News: Outcomes of consideration of the BEPS plan by the Ministry of Finance of Switzerland and the representatives of the Russian Federation

Important notice: Law&Trust no longer work in Russia. Transfer of operational control over Law&Trust in Russia to local management and the formation of the LegalCraft brand was started in 2022 and came into effect in October 2024.

The issue of the agreement regarding information cooperation within the framework of the "Base Erosionand Profit Shifting" (BEPS) plan was completely taken off the table at the meeting of representatives of the Ministry of Finance of the Russian Federation and their Swiss colleagues, which was held in Germany (Baden-Baden).

According to Anton Siluanov, the Minister of Finance of the Russian Federation, the continuation of the inter-ministerial dialogue was discussed at the meeting with the Swiss colleagues regarding the necessity to participate in the signing of the agreement under the BEPS plan on automatic information exchange, which will enter into force in 2018.

The initial goal of the BEPS plan is combating money laundering, as well as moving out income in low-tax jurisdictions.

The Russian Federation has repeatedly demonstrated its interest in the exchange of information, and the reason in favour of the foregoing is the fact that part of Russian business is registered in the Swiss cantons. The exchange of information will allow for carrying out more detailed analysis of the declarations of taxpayers.

Elaboration and approval of the abovementioned agreement with all the parties to it will be completed in April 2017.