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Timur Zhaksylykov and Alexei Overchuk discussed developing information interaction in EAEU taxation area

Timur Zhaksylykov and Alexei Overchuk discussed developing information interaction in EAEU taxation area

7/31/2020
On July 30 at the meeting held in the Russian Government, Timur Zhaksylykov, Member of the Board - Minister in charge of Economy and Financial Policy, and Alexei Overchuk, Member of the EEC Council and Deputy Chairman of the Government of the Russian Federation, discussed the Eurasian Economic Commission's initiative on developing information interaction in taxation area between the EAEU countries and forming an efficient system of control over indirect tax payment.

Timur Zhaksylykov suggested to create a transparent system of control over moving goods in the EAEU by deeply digitalizing tax administration processes and developing cooperation between the EAEU countries' tax authorities based on modern high-tech solutions.

"The deepening digitalization of processes in key spheres of transboundary economic interaction entails an exponentially growing number of separated information systems, documents and amounts of various data to be treated that are becoming even less manageable," the EEC Minister stressed. "In this light, it is important to create a unified system of fiscal monitoring over goods circulation in the EAEU, which would enable simplifying, accelerating and shaping a clear framework for all Union fiscal processes."

The meeting participants have agreed that such a system of fiscal monitoring will enable ensuring the formation of a transparent transboundary ecosystem of trade, reducing the burden on businesses while interacting with state authorities, and creating a favorable business environment in the Union. Moreover, the consumers will be granted access to reliable information on qualitative characteristics of goods, and whether they were imported and manufactured in a lawful manner. The system of monitoring will also accelerate confirming zero VAT rate in mutual trade.

In turn, Alexei Overchuk has noted that the Russian Federation is ready to cooperate with the EEC in this sphere; he also urged to actively continue the work on improving the system of levying indirect taxes in the EAEU mutual trade. Deputy Chairman of the Government of the Russian Federation further suggested that competent authorities of the Russian Federation examine the EEC's initiative and ensure participation in implementing it.​