The economist explained why the tax authorities expanded access to bank secrecy

MOSCOW, March 14 – RIA Novosti. Valery Senkov, Ph.D. in Economics, in an interview with Vechernyaya Moskva, explained that the tax authorities gaining expanded access to banking secrets would help solve the problem of whitewashing the Russian economy.

From March 17, the list of bank secrets available to tax authorities will be expanded. Thus, banks will be obliged to provide copies of clients' passports, powers of attorney for money management, agreements for opening an account and applications for closing it, cards with sample signatures and imprints of seals.

As noted by Senkov, Russian entrepreneurs for the most part will not feel the strengthening of fiscal control. The measures, he said, are aimed primarily at reducing the number of tax evasion schemes.

The economist also pointed out the need to tighten control over cases of illegal tax issues. The most effective measure in this case, in his opinion, will be to increase financial literacy among both legal entities and individuals. Senkov stressed that taxpayers should be aware of the spheres of legislation and arbitration practice – this, as he noted, will help Russians to defend their position in the legal field.

Experts interviewed by RIA Novosti also noted that innovation will increase control over the cash flows of both people and enterprises – not only over income, but also over expenses, which will make it possible to draw conclusions about the possible volume of undeclared income.

Author: wedocount

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