Russia to exchange tax information with Italy

The State Duma of Russia ratified a protocol to amend Russian-Italian double taxation treaty

During the document’s presentation deputy chairman of the Ministry of Finance Sergei Shatalov informed on the renewed version of the clause dedicated to exchange of information for taxation purposes. He told that it was now significantly broader to allow two states to exchange information on all possible taxes (including VAT) and to receive information in possession of each of the governments or national banks.

When answering the State Duma deputies’ questions, he explained that the law on bank secrecy was still in effect; it was not cancelled in Russia.

In the document, there’s a detailed explanation of all terms and circumstances under which it – bank secrecy – may be disclosed.

“This means that amendments to be made to our Russian legislation – if they are to be made in respect to bank secrecy – will be applied as well”, – he said. – “Italians don’t have problems with giving us that information on taxpayers which is in possession of banks”.