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Russia: Updated FAQs on CRS

Russia: Updated FAQs on CRS

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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The updated list of FAQs reflects:

  • An updated question to address whether repurchase agreements are a type of contract for which financial information is required (FAQ 1)
  • A new FAQ on the provision of financial services arising in connection to escrow accounts
  • An updated FAQ on insurance organizations and insurance contracts that are subject to reporting requirements
  • A new FAQ on actions to be taken if a client has tax residency in a jurisdiction that provides citizenship/residence under a “citizen/residence in exchange for investment” scheme

The tax authority also issued a checklist for evaluating the fulfilment of due diligence procedures related to automatic exchange of financial information.

Read a January 2020 report [PDF 91 KB] prepared by KPMG LLP

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