Russia: Updated CRS regulations

Russia: Updated CRS regulations

The Russian Federation’s tax authority updated the common reporting standard (CRS) regulations.

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Updates include:

  • A description for the concept “change of circumstances”
  • A definition of “passive non-financial organization”
  • Provisions related to the procedures for requesting and analyzing financial information about clients, beneficiaries, and/or persons who directly or indirectly control them
  • A provision related to the change in circumstances to establish a procedure for determining the beneficiaries of annuity payments, as well as voluntary life insurance contracts

The tax authority also updated a document that provides electronic format recommendations for the transmission of information by financial market organizations (v 5.04), according to the CRS regulations.

Read a March 2021 report [PDF 95 KB] prepared by KPMG LLP

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