Most Popular Article in Russian Federation, June 2016
Russian tax authorities have prepared a new draft law concerning
the automatic exchange of data obligations for foreign clients of
According to public information the Federal Tax Authorities
(FNS) have prepared a new draft law impacting banks, management and
insurance companies and depositories. Under it, they would be
obliged to supply to Russian tax authorities data on accounts
opened by foreign clients. Failure to meet this obligation would
lead to the imposition of fines of up to RUB 500,000.
Banks and financial institutions will be required to report to
the FNS under the OECD's documentations on the automatic exchange
of data. Russia is due to sign it during the next OECD forum.
One of the requirements is to collect data on the accounts of
non-residents according to Common Reporting Standards (CRS) which
is the analogy of FATCA.
Data should be collected for the first time in 2017, and
transferred to Russian Tax Authorities in 2018. According to the
draft law, banks and financial institutions are to report on the
investment income of clients, sales of shares, account balances,
percentage on deposit and bonds and so on. Ultimate beneficial
owners of accounts should also be determined and this data will
also be transferred to the FNS. The transfer of data is due once
annually. The exhaustive list of data, terms and procedures for the
transfer to the FNS will be determined by the by-laws of the
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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