The Ministry of Finance will oblige banks to request information about their tax residence from customers
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- The Ministry of Finance will oblige banks to request information about their tax residence from customers
They noted that now geolocation information obtained through remote channels will not be the basis for automatic recognition of a client as a tax resident of any state.
"The Ministry of Finance of Russia, together with Rosfinmonitoring, the Bank of Russia and the Federal Tax Service of Russia, finalized a draft of the relevant decree of the Government of the Russian Federation, which clarifies the procedure for updating information on tax residency previously received by OFR (Financial market Organization. — Ed.) from their clients," the ministry said.
As specified by "The newspaper.Ru", the active use of remote services from the territory of foreign countries may signal a change in the client's tax residence, making it necessary to double-check this information. In this case, the new document will oblige financial organizations to update the citizen's data.
In August 2024, it was reported that the Ministry of Finance of the Russian Federation had drafted amendments to the Criminal Code, in which proposed to extend criminal liability to branches of foreign banks for falsifying financial statements and currency transactions based on forged documents.
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