REPORT ON FINANCIAL ACCOUNTS OF RUSSIAN TAXPAYERS
On June 28, 2014 the State Duma adopted Federal Law N 173-FZ which in Article 6 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.
WHO MUST FILE REPORTS
Reporting requirements apply to financial institutions situated outside the territory of the Russian Federation. The law specifies the term “financial institution” to include:
- 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.
WHEN THE REPORT MUST BE FILED
Information must be reported until September 30 of the year following the reporting year. This means that, for example, information relating to 2015 must be reported until September 30, 2016.
HOW TO SUBMIT THE REPORT
The report should be submitted to the FTS Head office (Moscow, Neglinnaya strt. 23, 127381) in hard copy.
REPORTING FORM SAMPLE
The reporting form has been adopted by FTS Order of 09.11.2015 № ММВ-7-14/501@