Russia issues new reporting rules and updates list of organizations to be treated as Financial Institutions

On 28 November 2019, the Federal Tax Service of Russia updated the list of organizations, which shall be treated as Financial Institutions (Link-Russian). This list only represents the opinion of the Federal Tax Service of Russia, agreed with the Ministry of Finance of Russia and the Bank of Russia. The list is not intended to be an exhaustive list and will be supplemented. In addition, the list is not a regulatory legal act and only has an informative character. The list does not prevent organizations to be guided by the norms of the legislation of the Russian Federation in a different understanding from the list.

In addition, also on 28 November 2019, Russia issued a document with questions on the application of certain chapters of the Russian Federal Tax Code (Link-Russian).

A webpage explaining the new reporting rules for Financial Institutions in Russia was also implemented on 28 November 2019 (Link-Russian).

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