The Foreign Account Tax Compliance Act (FATCA) adopted in the United States will take effect as of July 1, 2014. Under this legislation the Internal Revenue Service (IRS) obligates banks in all countries of the world to report on U.S. taxable assets held in the accounts of American nationals. Russia and the U.S. are still negotiating the terms of the agreement regarding FATCA.

Russia’s largest state-owned bank Sberbank is seeking an advisor to estimate the effects of FATCA legislation on the banking group, as advertised in November on the public services website.

The role of the advisor will consist in determining the effects of FATCA on various business aspects of Sberbank, the implementation of its procedures, the solutions and services offered, as well as in advising on company-wide improvements. The compilation of an assessment of the measure’s effect on other members of the Sberbank group is also required, as is the formulation of a proposed course of action.

The maximum price to start the bidding is RUR64.9 million (roughly above USD2 million). The bid includes value added tax. The deadline for the bid proposals is listed as December 4. The Sberbank group will announce results on December 20.