Automatic exchange of tax information as a method of international tax control

Abstract

According to the Central Bank of the Russian Federation, the volume of capital outflows abroad in the first eight months of 2018 amounted to 26.5 billion US dollars. This is about three times higher than in the same period last year. Since this situation has the character of progressiveness, the problem of withdrawal of capital abroad, plus the associated problem of combating economic crimes, is categorically acute and needs to be resolved at the state level. It is this problem area that has led to the conclusion of the OECD Multilateral agreement on cooperation between competent authorities on automatic exchange of information, which is part of the OECD Standard on automatic exchange of financial information. In this article the basic principles of mutual information exchange functioning are considered, the list of persons who are obliged to provide tax information is sounded, its volume which conditionally can be divided into two categories depending on reference of the real owner of the Bank account to number of physical or legal persons is specified. Special attention is paid to the growing problem associated with the contradiction of the principle of non-disclosure of personal data and the presence of banking, commercial secrets with the principle of openness of banking information, which is based on the automatic exchange of financial information. According to the results of the analysis, the author concludes that the international legal acts regulating the automatic exchange of information have led to the complication of the business sector, as well as allowed to make the procedure for the transfer of information about accounts more transparent, reducing the ability of business to evade taxes by legalizing illegal income.