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Russia: Updated CRS guidance, FAQs

Russia: Updated CRS guidance, FAQs

The Russian Federation’s tax authority issued an updated version of common reporting standard (CRS) guidance in the form of “frequently asked questions” (FAQs).

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FAQs regarding the following items have been added:

  • Features to identify individuals directly or indirectly controlling a client (beneficiary) with respect to trusts or other similar financial structures
  • Definition of the term “controlled by another financial market organization”
  • Possibility of using a client’s foreign passport number as an alternate to foreign identification number
  • Information concerning application of the financial market organizations’ list of excluded contracts in certain situations (such as death, disability, etc.)
  • Situations under which financial market organizations can assign the status of undocumented account to an agreement/account
  • Identifying circumstances that may lead to a change in tax residence
  • Actions that need to be taken by a financial market organization in instances of a change in circumstances with respect to customers (beneficiaries) under previously open contracts
  • Actions that need to be taken by the financial market organization in instances of a change in circumstances with respect to customers (beneficiaries) under new contracts


FAQs regarding the following items have been updated:

  • Information relating to reporting information without specifying foreign taxpayer identification number if the country of the client does not automatically provide such identifiers (e.g., a TIN)
  • Information related to including separate subdivisions of foreign legal entities
  • Information on a requirement for transliteration of a client's name and other identifying information
     

In addition, the tax authority:

  • Updated the list of financial market organizations to include insurance brokers
  • Updated the description of “service technology” used in the exchange of information on financial accounts between financial market organizations and the tax authority
  • Launched a new portal for financial institutions to use to report a “scheme of avoiding inclusion in OECD standard reporting”


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