Impact analysis of automatic exchange of financial information in tax matters for business and natural persons[Анализ Последствий Автоматического Налогового Обмена Для Бизнеса И Физических Лиц]

The paper analyzes the legal relationship connected with the development of instruments for automatic exchange of tax information, which are being developed at the OECD level. Subject of the research is analysis of the automatic exchange instruments and the results of its implementation in the practice of states. Relevance of the research is based on the expanding use of automatic exchange of tax information between countries and the issues arising in connection with its application, the emergence of new tax programs aimed at increasing tax transparency. The goal of the study was to identify the issues of automatic exchange and develop proposals for the development of tax exchange instruments. Research methodology was based on the use of methods of logical, system, formal legal and comparative legal analysis. The authors analyze existing instruments for the automatic exchange of information on foreign accounts, cross-country reports on the activities of multinational corporations, and instruments for exchanging information on the sellers’ activities on e-commerce platforms. The research lays the foundations for the development of multilateral instruments for automatic exchange of tax information at the OECD level. To minimize the risks of tax evasion and improve the efficiency of the automatic exchange of tax information, the study proposes steps aimed at increasing the efficiency of Russia's participation in the OECD automatic exchange instruments - CRS MCAA and CbC MCAA. Based on the research, the following findings were made. First, based on the analysis of the legislation of individual countries and the first Peer Review published by the OECD in December 2020, one may conclude that most jurisdictions have a satisfactory legal framework, while in some countries, including Russia, it requires significant improvements. Second, a number of problems remain in the implementation of the standard for automatic exchange of information in Russia, which are primarily associated with the lack of effective mechanisms of responsibility for violation of self-certification and with the retention of currency control requirements. The results of the research include proposals for the development of automatic exchange instruments both on the OECD platform and in Russia. The main recommendations for the development of automatic tax exchange instruments at the OECD level were: improvement of the Peer Review instrument; development of the Model rules for mandatory disclosure on CRS avoidance arrangements and opaque offshore structures at the OECD level; creation of an international legal framework for the unimpeded use of CRS MCAA data for the purposes of combating money laundering and anti-corruption; further improvement and development of the CRS MCAA instrument for automatic exchange of information on foreign accounts. In particular, to improve the efficiency of the instrument, it is necessary to include digital currencies and crypto assets in its operation. The main recommendations for increasing the efficiency of Russia's participation in the automatic exchange of tax information instruments were: introduction of liability for false self-certification of clients and strengthening liability of financial institutions for violating the requirements of the General Reporting Standard; formation of a position regarding the identification of new entities (operators of investment platforms and the operators of the information system issuing digital financial assets) as financial market organizations for the purpose of automatic exchange; abolition of restrictions on foreign accounts and the development of automatic exchange, including with the EAEU countries; implementation of measures to combat white-collar crimes, including the creation of an institution protecting whistleblowers, the introduction of special provisions on liability, etc.; development of guidelines for risk evasion schemes, including CBI / RBI; introduction of a public CbCR (considering the EU proposals).