The Russian tax authorities will have expanded access to banking secrecy on March 17. RIA Novosti reports.
Banks will have to provide copies of customer passports, copies of powers of attorney for the disposal of funds, copies of an agreement for opening an account and an application for closing it, as well as copies of cards with samples of signatures and imprints of seals within three days from the date of receipt of the request. p>
In addition, credit institutions will be required to provide information in electronic form or on paper about beneficial owners, client representatives, and beneficiaries, including information in relation to individual transactions or for a specific period.
The innovations are introduced to increase control over the cash flows of citizens and organizations – not only about their income, but also about their expenses, which will make it possible to draw conclusions about the amount of possible non-declared income.
Earlier it became known that the tax authorities punish companies for violations that have remained without consequences for many years. We are talking about the requirement of the law to repatriate (return and credit to accounts in Russian banks) foreign exchange earnings. It applies to almost all companies exporting goods and services, with a few exceptions. These include, in particular, the income of companies that have come under anti-Russian sanctions, and construction companies.
At the end of 2020, the Kommersant newspaper reported that the Russian Ministry of Finance had prepared a package of amendments that would expand the access of the Federal Tax Service (FTS) to data on the accounts and operations of banks and their clients. Banking secrecy will be cut by changing interactions. If now tax authorities are requesting information from banks, then thanks to the amendments they will be able to receive data as part of regular information exchange with the Bank of Russia. In response, the FTS promises to provide the regulator with data that is protected by tax secrets.