The Central Bank of Russia has published a letter No. 1245/2568 on 13th November 2015 for describing the process of how Russian financial institutions (RFI) should apply the Foreign Account Tax Compliance Act (FATCA). In accordance with Federal Law No. 173FZ of 28 June 2014, RFIs may share information about their foreign clients whose Russian bank accounts are subject to tax. The Federal Law does not need RFIs to register with the foreign tax authorities under the FATCA or any other similar legislation on taxation of foreign accounts. The Central Bank pointed out that the Law gives the responsibility of RFIs to notify the Russian tax authorities about transferring any reports to foreign tax authorities, including reports informing that there are no foreign taxpayers among their clients. The Central Bank also clarified that without clients’ approvals, RFIs are not permitted to share information on their foreign clients with foreign tax authorities.
DTA between South Africa and UAE signed
Related Posts
Russia updates VAT, corporate tax rules
Russia has enacted a series of tax reforms for 2026 under Federal Law No. 425-FZ of 28 November 2025, introducing changes across VAT, corporate taxation, and digital asset regulation. The reforms took effect on 1 January 2026. The standard VAT
Read More
Russia: FTS updates jurisdictions list for automatic financial information exchange
Russia’s Federal Tax Service (FTS) has updated the list of jurisdictions that exchange financial account information under the CRS/AEOI framework. The update was made through FTS Order No. ED-7-17/883 dated 14 October 2025, registered with the
Read More
Russia, Indonesia sign free trade agreement
On 21 December 2025, during a meeting of the Supreme Eurasian Economic Council in Saint Petersburg, representatives from Russia and Indonesia signed a Free Trade Agreement (FTA). This announcement was made on 21 December 2025. The FTA provides
Read More Russia: Central bank cuts key rate by 50 bps as Inflation pressures ease
The Board of Directors of the Bank of Russia on 19 December 2025 decided to cut the key rate by 50 basis points to 16.00% per annum, citing easing underlying price pressures and the economy’s gradual return to a balanced growth path. Bank of
Read More Russia updates list of jurisdictions for automatic CbC report exchange
The Federal Tax Service (FTS) of Russia has revised the list of jurisdictions that automatically exchange Country-by-Country (CbC) tax reports. The changes were issued in Order No. ЕД-7-17/884 on 11 December 2025. The updated list now covers 60
Read More Russia: Government approves list of budget expenditures using digital ruble
Russia’s government has approved a list of budget expenditures eligible for execution with the use of the digital ruble beginning in 2025. This announcement was made on 18 December 2025. The list was developed under Federal Law No. 303-FZ of
Read More