World Business NewsA round up of the latest news for those doing business internationally
Russia’s duma adopts law to allow FATCA disclosures
Zone(s): Russia, USA ¦ Sector(s): Taxation
Failure by an FFI to disclose information about their US clients will result in a requirement to withhold 30 percent tax on payments of US-sourced income. The bill, which was passed by the State Duma at first reading, allows Russian banks to transfer information about their customers to foreign tax authorities. It also requires banks based overseas to provide information on their Russian account holders to the Russian Federal Tax Service.