The Central Bank of Russia has published a letter No. 12Â4Â5/2568 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. 173ÂFZ 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 to tax cryptocurrency transactions starting 2025
Russia published Federal Law No. 418-FZ on 29 November 2024, which introduces amendments to the Tax Code concerning the taxation of income derived from cryptocurrency activities, including mining and trading. The law will take effect on 1 January
Read MoreRussia clarifies loss carry forward rules for IT companies
The Russian Ministry of Finance has released Guidance Letter No. 03-03-06/1/108990 on 25 November 2024, providing clarity on amendments to the loss restriction rules introduced by Federal Law No. 259-FZ. These changes affect IT companies that
Read MoreRussia, Abkhazia income tax treaty enters into force
The tax treaty between Abkhazia and Russia enters into force on 28 November 2024. This agreement will become effective for withholding and other taxes starting from 1 January 2025. It establishes a 10% withholding tax rate on dividends and
Read MoreArmenia approves FTA between EAEU, Iran
Armenia’s President has signed a law for the ratification of the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia) and Iran on 27 November 2024. The Armenian National
Read MoreRussia increases tax deductions for software and database costs starting 2025
The Russian Ministry of Finance has issued Guidance Letter No. 03-03-06/1/96344 on 10 April 2024, clarifying updates to tax deductions for costs related to acquiring and using computer programs and databases. Currently, a 1.5x deduction applies
Read MoreRussia clarifies taxation of international shipping under 1997 treaty with Turkey
The Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-08-09/96760 on 2 November 2024, clarifying the tax treatment of payments related to the operation of shipping vessels in international transport, in accordance with the 1997 tax
Read More