One of the main principles of JSC “MB Bank” is conformity with all requirements of the Russian legislation as well as requirements and laws having exterritorial effect especially on the activity of the Russian financial institutions.
May 12, 2016 Russian Federal Tax Service on behalf of the Russian Federation signed The Multilateral Competent Authority Agreement On Automatic Exchange Of Financial Account Information and confirmed its intention to participate in exchange of information of 2017 in 2018.
November 27, 2017 Federal Law No 340-FZ titled “Concerning the Introduction of Amendments to Part One of the Tax Code of the Russian Federation in Connection with the Implementation of the International Automatic Exchange of Information and Documentation Relating to Multinational Groups of Companies” of 27.11.2017 entered into force. Under this law Russia has to meet the requirements of the Common Reporting Standard (hereafter – CRS).
CRS, developed by Organization for Economic Co-operation and Development (OECD), is a global multinational platform for automatic exchange of information about holders of accounts with financial institutions.
After joining the CRS Russian tax authorities will receive information about bank accounts of companies and physical persons who are Russian tax payers if these (accounts) were opened with financial organizations in counties that also joined the CRS and agreed on information exchange with the Russian Federation (hereafter – CRS Partners, more than 70 countries) including information on account balances and funds incoming to accounts. This information is planned to come from competent authorities of certain countries.
In its turn, Russian financial organizations are also obliged to collect and provide the FTS of Russia with similar information about accounts of tax payers of all foreign states which were opened with them. Moreover, their clients will have to submit information of this kind upon a financial organization’s request.
Information about accounts of foreign tax payers with Russian FIs will be then provided to competent authorities of the CRS Partners they belong to.
Information exchange of this kind will be carried out annually.
Russia joins the international exchange of financial information in 2018.
JSC “MB Bank” does not consult on identification of tax residence under CRS. To get more about fiscal residence please follow http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760
If you match at least one of the criteria which would be enough for the Bank to associate you with the category of foreign tax payers, and that are posted below, in order to comply with the CRS, please complete the self-certification form (Questionnaire) (one or more if needed).
- CRS documents
- For Controlling Persons
- For Financial institutions
- For Legal Entities
- For Individuals