The Federal Tax Service of Russia
Published: 13.11.2015 09:17
On June 28, 2014 the State Duma adopted Federal Law N 173-FZ which established legal framework for Russian financial institutions to comply with the reporting requirements imposed by foreign tax legislation.
The new law in Article 6 also introduced reporting obligations for foreign financial institutions. Since 2015 all foreign financial institutions must report to the Federal Tax Service of Russia details of opened and/or maintained during the reporting period financial account of Russian taxpayers – legal entities (directly or indirectly controlled by Russian citizens) and physical persons. This information must be reported until September 30 of the year following the reporting year.
The reporting forms are approved by the FTS order of 09.11.2015 № ММВ-7-14/501@. To find more details please visit the dedicated section «Report on financial accounts of Russian taxpayers».
For the purposes of this requirement the term “financial institutions” includes banking institutions, insurance companies engaged in voluntary life insurance, professional participants of the securities market engaged in broker activity and (or) asset management and (or) custodian activity, trustees under the property trust agreement, private pension funds, joint stock investment funds, management companies of investment funds, mutual investment funds and private pension funds, clearing organizations.