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New foreign assets which should be reported to tax authorities

23 декабря 2020
109

The Government adopted Resolution No. 2051 dated 9 December 2020 "On Amending the Resolutions of the Government of the Russian Federation No. 819 dated 28 December 2005 and No. 1365 dated 12 December 2015", which supplemented the list of foreign assets that must be reported.

When submitting reports on foreign bank accounts from 1 January 2021, it will also be necessary to indicate information about other financial assets. The corresponding reporting forms were approved by the above Resolution. The new reporting form lists securities, derivative financial instruments, shares in the authorized capital of a legal entity, shares in a foreign structure without forming a legal entity, claims from an insurance contract, as well as “other financial assets”. Thus, the list of financial assets is open and leaves it at the discretion of individuals, as well as the tax authorities, to decide whether a particular asset is financial. It seems that such a tightening of requirements will lead to the fact that appropriate reporting will have to be submitted on any blocks of shares and interests in foreign companies, as well as other minor assets. The general nature of reporting also does not give a complete picture of the nature of transactions with assets, which may entail many additional tax audits and the need to provide explanations from individuals.

Nadmitov, Ivanov & Partners Law Firm actively advises its clients on tax issues, in particular, the provision of tax reports, disclosure of foreign assets and interaction with tax authorities during audits.


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