News: Notification Forms for Holders of Foreign Accounts Have Changed in Russia

On June 22, 2020, directive No. ED-7-14/27 of the Federal Tax Service of the Russian Federation of April 24, 2020, came into force. Its provisions determine new forms and formats of notifications that holders of foreign accounts and deposits with foreign banks are required to submit.

Since 2020, taxpayers who have accounts abroad are required to report this to the tax office. However, the Federal Tax Service did not manage to prepare new forms of notifications in which it would be possible to indicate the existence of such accounts. The directive No. ED-7-14/272 cancels the effect of the old forms and establishes new formats for reporting documents. Now they have special fields for notifications.

After the entry of the document into force, all taxpayers are required to submit only documents of a new format to the Federal Tax Service. Tax residents of the Russian Federation have the right to send notifications not only in paper but also in electronic form. The corresponding functionality has already been implemented in the personal accounts of individual entrepreneurs and organizations. In the nearest future, the function will become available to individuals.

Law&Trust will help clients prepare for changes in reporting. Our lawyers will present you with forms of documents, tell you how to fill them out, and what information should be contained in them.