The Russian Federation’s tax authority updated a list of organizations that may be classified as “financial market organizations” for common reporting standard (CRS) purposes.
The list was updated to include (1) an insurer that carries out insurance activities apart from voluntary life insurance activities and (2) a reinsurance organization.
The communication protocol between the tax authority and the financial market organizations has also been updated.
Read a September 2020 report [PDF 88 KB] prepared by KPMG LLP
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.