Media: the New U.S. law will hamper business of Russian banks

The new tax law of the United States, which begins in the summer of the current year, may impede the business of Russian banks, told the first day of the week the Agency.

From July 1, begins to act adopted in 2010 American law FATCA, according to which banks around the world are obliged to share With US authorities about their depositors-Americans. The stated purpose of the law is to protect evade American taxation in the USA that have accounts abroad. Since credit institutions, which are not ready to comply with the requirement, counterparty banks in the U.S. will be required to withhold tax at a rate of 30% From the number of payments, including income from investments. The US has already signed contracts on the exchange of information in accordance WITH FATCA WITH 50 countries. With Russia such dialogues were conducted, But they were frozen, among other bilateral contacts because of the situation in Ukraine.

The new law will make it more expensive investments of Russian credit organizations in the United States, including Treasury shares and securities, says the Agency. So If a Russian Bank will want to buy Treasury shares US, he will have to renounce 30% profit on interest payments and dividends. Private investors, using Russian banks for their operations, also will be obliged to pay the fine. Although then investors have the opportunity to reimbursement from the American tax service, They will face more bureaucratic problems, says the Agency.

" This is a very big problem for (Russian banks). This reduces their competitiveness, and They have the ability to deal With capital flight ", - said the Agency mark Matthews, former Deputy head of the American state tax service (IRS). According to Brian Zimbler, managing partner in the Moscow office of the firm Morgan Lewis, the loss can be more significant than the sentence with which the US is trying to influence Russia's position on Ukraine." If punishment is limited to some selected individuals and banks, as these (measures) will relate to each participant of the market, I think that for the Russians It has the potential to be worse punishment, " said Simpler.

the Commissioner of the Ministry of Finance of the USA has told the Agency that the Russian banks themselves have the opportunity to submit applications to share information With U.S. officials privately, without an international agreement. But banks are able not have rights to share information about their customers With the authorities of the 3rd country in order not to break the Russian law on protection of Bank secrecy, emphasizes the associated Press." They do not have the opportunity to do so: in Russia there are no laws on banking secrecy, " said Simpler. In addition, the deadline for filing such applications expired on the first day of the week, a few weeks after the termination of negotiations between the authorities of the Russian Federation and the USA.


sections: Politics