The upper house of parliament in Russia has given the go-ahead to new legislation allowing banks to hand information about their foreign clients to the US Treasury, it was reported today.
If the new rules, which still need to be approved by President Putin, come into effect, Russia will join around 70 other countries that have made similar pacts to allow their firms to comply with new US tax laws. Negotiations with Russia were underway earlier this year, but were interrupted by the Ukraine crisis.
The agreement is part of the US Foreign Account Tax Compliance Act (FATCA), developed in response to a tax-dodging scandal whereby Americans used secret Swiss bank accounts to conceal their cash. The Act requires that overseas financial institutions share information about any American-owned accounts containing over $50,000 with the US Internal Revenue Service (IRS).
Risks associated with FATCA are already making some Russian organisations uneasy. VTB, the country’s second-largest bank, said that it will phase out doing business with 2,000 Russia-based US taxpayers, including individuals and corporate clients.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
After winning the German presidency for her fourth term, Angela Merkel must weld a coalition government or have a minority rule with the most far-right politicians seen in 50 decades.
A study of the leadership pipeline at the UK’s FTSE 100 corporates shows modest progress, but many top companies still have no ethnic minority presence.
The world’s third-largest economy expanded by 1.0% in the second quarter of 2017 over Q1, giving an annual rise of 4.0% in gross domestic product for the year to June.