Azernews.Az

By Sara Israfilbayova

Russia’s Cabinet of Ministers has approved a draft protocol on the exchange of electronic information between tax bodies of the CIS countries.

Under the protocol, the tax bodies will exchange information on certain types of revenues of legal entities and individuals from the CIS countries, as well as on certain types of properties, registered in the CIS countries, and their owners, for a proper implementation of tax legislation says a message posted on the Russian government’s website.

“Signing of the protocol will strengthen control over compliance with tax legislation,” the message reads.

The tax authorities of the CIS countries will exchange information on the incomes of legal entities of one state taxed at the source of payment in another state (dividends, income on debt obligations, royalties, income from leasing property, income from the alienation of securities, shares, income from the alienation of movable and immovable property and other income), as well as the incomes of legal entities of one state received from activities through a permanent establishment in another CIS country.

As for individuals, the tax authorities of the CIS countries will exchange information on their income from employment, on contracts of a civil law nature, dividends, royalties, income from securities transactions, income from alienation of stakes in the authorized capital, income from alienation Real estate and other income.

The Commonwealth of Independent States (CIS) is free association of sovereign states formed in 1991 by Russia and 11 other republics that were formerly part of the Soviet Union. The CIS’s functions are to coordinate its members’ policies regarding their economies, defense, immigration policies, environmental protection, and law enforcement.

The CIS united Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine. However, in 2008 Georgia withdrew its membership.

Azerbaijan is one of the main economic partners of Russia among the CIS countries. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and the increase in trade turnover.

At present, enterprises of 71 regions of the Russian Federation cooperate directly with Azerbaijan. 15 regions of Russia have relevant agreements with Azerbaijan on trade and economic, scientific, technical and cultural cooperation.

The trade turnover between Russia and Azerbaijan amounted to almost $376.51 million in January-March 3017, according to Azerbaijan’s State Customs Committee.

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