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RUSSIA: Reporting under FATCA Approved, Reporting Obligation for Foreign Financial Institutions Introduced

|Approved Changes|Russia
Russia

Russia adopted a law authorizing Russian financial institutions to report information on US persons to the US IRS pursuant to FATCA, provided consent of the relevant person for the provision of the information was obtained.

In a fashion similar to FATCA, the law also requires foreign financial institutions to report to the Russian tax authorities information on accounts opened by Russian citizens or by legal entities directly or indirectly controlled by Russian citizens.  The repor…

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