Representative of the Ministry of Finance of Cyprus stated that all financial data for 2017 that should have been transferred, as part of the automatic exchange of information, was successfully transferred to Russian Federation in September 2018. Hence, information for the last year will be transmitted to Moscow in September 2019. That means that the fight against tax fraud has entered a new level.

According to "The Bell", as of September 2018, 82 countries promised to transfer information to the Federal Tax Service of Russia (FTS). Full name of the client, account number, name and details of the foreign bank, account status, cash flow for the year, the client’s investment income from the sale of shares, and interest on deposits and bonds should be disclosed according to the agreements reached on October 29, 2014.

Doubts that Cyprus was honest with Russia in the context of new relations arose three months ago when Switzerland decided not to share tax information with Cyprus. The Swiss concluded that Cyprus does not meet international requirements for data security and privacy. The Ministry of Finance of Cyprus assures that it is currently developing an "action plan" that will eliminate all the shortcomings of their system.

It is worth reminding that the initiator of the development of a single reporting standard is the OECD, and that 90 countries have already joined the automatic exchange of tax information. This is undoubtedly a new reality, given the fact that Swiss authorities started to act in a way that seemed impossible almost for three centuries ago – disclose client’s bank accounts information to tax authorities of other countries.

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