Russia Joins Fight Against Tax Evasion

Russia, as other G20 countries, has agreed to sign a Convention on Mutual Administrative Assistance in Tax Matters.

Drafted by the Organisation for Economic Cooperation and Development (OECD) and Council of Europe, the Convention includes a number of tax collections tools: automatic exchange of information, simultaneous international tax checks and assistance in cross-border tax recovery. The member countries have agreed to provide each other with huge amount of financial information such as the amount of taxes due (both corporate and personal), dividends, salaries and pensions. This information can be used in court.

It's been estimated that the deal could bring the G20 nations an extra $100 billion in tax revenues a year. The Convention will become law in Russia after ratification by Parliament.