Permissible Restrictions of Bank Secrecy for Tax Control Purposes in the Legal System of the Russian Federation

Authors

  • Elena Vyacheslavovna Pokachalova Department of financial, banking and customs law named after Professor Nina Ivanovna Himicheva
  • Elena Nikolaevna Pastushenko Department of financial, banking and customs law named after Professor Nina Ivanovna Himicheva
  • Mikhail Nikolayevich Sadchikov Department of financial, banking and customs law named after Professor Nina Ivanovna Himicheva

Keywords:

transparency, taxes, bank, secrecy, value, law

Abstract

The article deals with the relationship between bank secrecy and tax transparency. It studies the issues of confidential information (which forms bank secrecy) being presented to tax authorities, also including the principle of providing information on request and automatic data provision within the framework of the Common Reporting Standard. The comparison of bank secrecy and tax transparency is carried out from the viewpoint of its value for the society, state, and individuals. It is noted that the expansion of bank secrecy access for tax authorities can be used not only in tax control, but also to simplify the taxpayers’ payment procedure and other benefits connected with the confidential information, or bank secrecy. The given research paper analyses the problem of broad exemptions from the banking secrecy regime in tax control. The analysis is based on the axiological approach and comparative legal research method based on the analysis of bank secrecy restrictions in the legal systems of Switzerland, Singapore and Russia. The scientific task is to determine the conditions and the necessary degree of bank secrecy restrictions in tax control.

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References

Alekseev, S.S.: Social values of law in the Soviet society, Yekaterinburg: Humanitarian university, 2019.

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Legal Acts

Singapore Federal Law of 02 December, 1990 on Banks and Banking Activities (as amended).

Tax Code of the Russian Federation, part 1 of 27 July, 1998 (as amended).

Civil Code of the Russian Federation, part 2 of 22 December, 1995 (as amended).

Criminal Code of the Russian Federation of 13 June, 1996 (as amended).

Administrative Code of the Russian Federation of 30 December 2001 (as amended).

Convention on Mutual Administrative Assistance in Tax Matters of 25 January, 1988 (as amended).

Multilateral Convention to Implement Treaty Related Measures to Prevent Base Erosion and Profit Shifting of 7 June, 2017 (with Russia’s reservations and notifications).

Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information, of October, 2014.

Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, of 27 January, 2016.

Other Official Documents

The Era of Bank Secrecy is Over, Organization for Economic Cooperation and Development, 2011 Available at: https://www.oecd.org/tax/exchange-of-tax-information/48996146.pdf, accessed: 8th April 2021.

Transparency and Exchange of Information for Tax Purposes, Multilateral Co-operation Changing the World, 10th anniversary report Available at: https://www.oecd.org/tax/transparency/global- forum-10-years-report.pdf, accessed: 8th April 2021.

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Published

30.09.2021

How to Cite

Pokachalova, E. V., Pastushenko, E. N., & Sadchikov, M. N. (2021). Permissible Restrictions of Bank Secrecy for Tax Control Purposes in the Legal System of the Russian Federation. Financial Law Review, (23(3), 19–28. Retrieved from https://czasopisma.bg.ug.edu.pl/index.php/flr/article/view/6368

Issue

No. 23(3) (2021)

Section

Articles

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