Russian Ministry of Economic Development Proposes to Oblige Banks to Disclose Persons’ Accounts Information.
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Russian Ministry of Economic Development Proposes to Oblige Banks to Disclose Persons’ Accounts Information.

The Ministry of Economic Development of Russia has elaborated the bill obliging the banks to provide tax authorities with information of accounts of the persons who are subjects to tax inspection or tax charge.

Particularly, it proposes to oblige banks to issue the reference of the persons’ accounts and deposits availability, accounts balance and bank transactions statements for tax authorities within three days on the receiving of the motivated request from tax authorities. The tax authority can forward such request to bank if the relevant person is the subject of tax control or tax charge. The information of persons’ accounts can be disclosed to the foreign tax authorities in accordance with international agreements provisions.

The above provisions are expected to be included into the Russian Tax Code.

 

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