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The list of states with which Russia carries out automatic exchange of financial information has been updated
On December 5, 2022, the Order of the Federal Tax Service was published, according to which Switzerland and the Cayman Islands were excluded from the list of states with which the automatic exchange of financial information is carried out.
Recall that the transfers allowed to accounts opened in jurisdictions that are not in this list of countries are extremely limited. In particular, it is not allowed to perform almost any currency operation on investment portfolios, for example, to transfer amounts from the sale of shares, bonds, to credit coupons, dividends, as well as to receive loans (loans), etc.
In case of crediting these types of income, a fine in the amount of 20 to 40% of the amount of the currency operation may be levied from the account holder. This restriction does not apply to currency non-residents (i.e. persons who do not have a Russian passport or residence permit), as well as currency residents who have been outside the Russian Federation for more than 183 days and who will be able to continue crediting funds to foreign accounts without restrictions (except for currency operations between residents).
Kazakhstan, Oman and Maldives were also included in the list. Now the Russian tax authorities will begin to receive information about the accounts of Russian residents in these jurisdictions as part of an automatic exchange.
The Order comes into force on December 16, 2022.
Recall that the transfers allowed to accounts opened in jurisdictions that are not in this list of countries are extremely limited. In particular, it is not allowed to perform almost any currency operation on investment portfolios, for example, to transfer amounts from the sale of shares, bonds, to credit coupons, dividends, as well as to receive loans (loans), etc.
In case of crediting these types of income, a fine in the amount of 20 to 40% of the amount of the currency operation may be levied from the account holder. This restriction does not apply to currency non-residents (i.e. persons who do not have a Russian passport or residence permit), as well as currency residents who have been outside the Russian Federation for more than 183 days and who will be able to continue crediting funds to foreign accounts without restrictions (except for currency operations between residents).
Kazakhstan, Oman and Maldives were also included in the list. Now the Russian tax authorities will begin to receive information about the accounts of Russian residents in these jurisdictions as part of an automatic exchange.
The Order comes into force on December 16, 2022.
