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Banks shall check whether individuals to have a sole trader status

DATE: August 4, 2016 | AUTHOR: atlawyers

The Ministry of Finance has published the letter clarifying Tax Code rules on prohibition to open new bank accounts for tax payers whose accounts were blocked by a tax inspection decision. According to the clarifications, banks are now obliged to check whether each new client has or had been registered as a sole trader, and whether  they had any of their bank accounts blocked by tax authorities before. Otherwise, opening the client account is forbidden. Breach is punishable by fine amounting to 20,000  Russian rubles.

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