How to notify the tax office about opening an account abroad
Posted: Tue Jan 07, 2025 8:52 am
If you have opened an account in a foreign bank or with a foreign broker, you need to inform the tax authorities about it. Dmitry Paramonov, head of the international taxation practice at the Orlova\Ermolenko law firm, told us how to do this.
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Content:
How to notify about opened accounts abroad and when to do it
Who should notify about invoices?
Procedure for notification of accounts
How to notify the Federal Tax Service about opening an account abroad: step by step
What happens if you don't file a notice?
How to notify about opened accounts abroad and when to do it
The currency law obliges certain categories paraguay whatsapp phone number of individuals and Russian organizations (residents of the Russian Federation) to inform the tax service about the opening of accounts in foreign banks or other financial market organizations within one month.
There is an exception to this rule: if a resident returns to Russia for permanent residence after a long absence and as a result spends 183 days or less abroad in a calendar year, he or she will have to submit notifications of all open foreign accounts that the Russian tax service is not aware of by June 1 of the following year.
Notification of opening an account abroad shall be submitted from July 1, 2024, using a new form approved by Order of the Federal Tax Service of Russia dated April 26, 2024 No. SD-7-14/349.
We answer questions about the anti-money laundering law and advise you on what to do if you encounter restrictions in the course “The most important things about 115-FZ” .
What important circumstances should be kept in mind in order to comply with the requirements of currency legislation?
Pay attention to the new options for filling in individual form details . For example, the document now specifies in what capacity the declarant acts when declaring the account: as an individual, sole proprietor or organization. Since in the future the scope of reporting on the account will be different for an individual and sole proprietor, it is important to correctly identify from the very beginning what activity the use of the account is associated with: for the personal needs of an individual or entrepreneurial sole proprietorship, so as not to involuntarily expose yourself to the risk of being brought to administrative responsibility.
The list of foreign financial market organizations is open . In fact, they include all persons who accept money or other assets for management, making transactions in the interests of their client (investor). Therefore, such financial market organizations include brokers, trust managers, insurance organizations managing funds on the basis of a life insurance contract, pension funds and others like them.
Subscribe to RB.RU in Telegram
Content:
How to notify about opened accounts abroad and when to do it
Who should notify about invoices?
Procedure for notification of accounts
How to notify the Federal Tax Service about opening an account abroad: step by step
What happens if you don't file a notice?
How to notify about opened accounts abroad and when to do it
The currency law obliges certain categories paraguay whatsapp phone number of individuals and Russian organizations (residents of the Russian Federation) to inform the tax service about the opening of accounts in foreign banks or other financial market organizations within one month.
There is an exception to this rule: if a resident returns to Russia for permanent residence after a long absence and as a result spends 183 days or less abroad in a calendar year, he or she will have to submit notifications of all open foreign accounts that the Russian tax service is not aware of by June 1 of the following year.
Notification of opening an account abroad shall be submitted from July 1, 2024, using a new form approved by Order of the Federal Tax Service of Russia dated April 26, 2024 No. SD-7-14/349.
We answer questions about the anti-money laundering law and advise you on what to do if you encounter restrictions in the course “The most important things about 115-FZ” .
What important circumstances should be kept in mind in order to comply with the requirements of currency legislation?
Pay attention to the new options for filling in individual form details . For example, the document now specifies in what capacity the declarant acts when declaring the account: as an individual, sole proprietor or organization. Since in the future the scope of reporting on the account will be different for an individual and sole proprietor, it is important to correctly identify from the very beginning what activity the use of the account is associated with: for the personal needs of an individual or entrepreneurial sole proprietorship, so as not to involuntarily expose yourself to the risk of being brought to administrative responsibility.
The list of foreign financial market organizations is open . In fact, they include all persons who accept money or other assets for management, making transactions in the interests of their client (investor). Therefore, such financial market organizations include brokers, trust managers, insurance organizations managing funds on the basis of a life insurance contract, pension funds and others like them.