The deadlines for submitting notifications were extended for Russian banks

The Federal Tax Agency of Russia is continuing to receive information from financial market organizations, despite the fact that formally the deadlines for submitting reports ended on July 31. The law provides with a special transitional period when sanctions for late submission of information do not apply.

Starting July 20, 2018, Russian financial market organizations have been sending information about their customers, their beneficiaries and controlling persons, who are foreign tax residents, to the Federal Tax Agency of Russia.

In the first reporting for 2017, it is necessary to include information:

• on previously concluded agreements with individuals, the value of which is more than 1 million US dollars (or the equivalent in another currency),

• on previously concluded agreements with legal entities, the value of which is more than 250 thousand US dollars (or the equivalent in another currency).

On materials of the following website : https://www.nalog.ru/rn77/news/activities_fts/7666810/