Newly enacted legislation amends provisions of the Russian tax law, to implement measures for the automatic exchange of information with competent authorities of other participating jurisdictions under the common reporting standard (CRS) regime.
There are measures in the new legislation concerning information to be reported to the tax authorities; the duties of financial institutions; the authority of the federal executive body; and penalties to may be imposed in instances of non-compliance. The legislation also contains amendments with regards to the implementation of the base erosion and profit shifting (BEPS) provisions.
Read a December 2017 report [PDF 57 KB] prepared by the KPMG member firm in Russia
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.